My brother and I have just purchased a house in Trafford Park. We have noticed several problems with the house which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been ordered for conveyancing in Trafford Park?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Trafford Park. Conveyancing searches and due diligence initiated during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a property owner completes a questionnaire known as a Seller’s Property Information Form. answers provided is misleading, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Trafford Park.
It is is a decade since I purchased my property in Trafford Park. Conveyancing lawyers have now been instructed on the sale but I am unable to locate the title deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be kept by your lender or they may be in the possession of the solicitor who acted in your purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Nearly all conveyancing in Trafford Park involves registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
Is it necessary to pay for insurance to address the risk of chancel repairs when purchasing a residence in Trafford Park?
Unless a prior purchase of the property completed post 12 October 2013 you can assume that conveyancing practitioners conducting conveyancing in Trafford Park to continue to advocate a chancel search and or insurance against a claim.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Trafford Park. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Trafford Park
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I work for a busy estate agency in Trafford Park where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Trafford Park conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a 1 bedroom flat in Trafford Park, conveyancing formalities finalised May 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Trafford Park with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2092
With 71 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.