Me and my partner are due to exchange buying a property in Silverstone but as a consequence of damage from some water damage at the property I have was able negotiate recompense from the current proprietors of £2k taking the form of a adjustment in the price. This was going to be addressed as part of a side agreement but Leeds Building Society are not allowing this. Should they have been informed?
Your property lawyer being on the Leeds Building Society conveyancing panel is required to inform Leeds Building Society of any changes to the purchase price. If you were to refuse your conveyancing practitioner to notify the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Silverstone.
I am the registered owner of a freehold house in Silverstone yet charged rent, why is this and what is this?
It is rare for properties in Silverstone and has limited impact for conveyancing in Silverstone but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Will my conveyancer be making enquiries concerning flooding as part of the conveyancing in Silverstone.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Silverstone. There are those who acquire a house in Silverstone, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a various checks that may be carried out by the buyer or by their lawyers which will give them a better appreciation of the risks in Silverstone. The conventional set of completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer could bring a claim for damages resulting from an misleading reply. A buyer’s lawyers should also conduct an enviro report. This will disclose if there is any known flood risk. If so, further investigations will need to be conducted.
I used Arc property Solicitors a few years past for my conveyancing in Silverstone. I now require my file but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Silverstone of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Last December I purchased a leasehold house in Silverstone. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Silverstone - A selection of Queries Prior to Purchasing
It would be prudent to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to daily issues like the tidiness of the communal areas. Don't be afraid to ask other tenants what they think of their service. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the relevant party and precisely what it includes. Please note if it is less than eighty years it will affect the salability of the apartment. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have been the owner of the property for 24 months in order to be legally able to extend the lease. Is anyone aware of any major works on the horizon that could add a premium to the maintenance costs?