Should our solicitor be raising questions regarding flooding as part of the conveyancing in Walton On Thames.
Flooding is a growing risk for solicitors dealing with homes in Walton On Thames. Plenty of people will buy a house in Walton On Thames, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a number of searches that may be initiated by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Walton On Thames. The conventional set of completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a purchaser could bring a legal claim for losses as a result of such an misleading reply. A purchaser’s lawyers should also carry out an environmental search. This should higlight if there is a recorded flood risk. If so, additional investigations will need to be conducted.
How does conveyancing in Walton On Thames differ for new build properties?
Most buyers of new build property in Walton On Thames approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Walton On Thames tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Walton On Thames or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Walton On Thames I like with open areas and transport links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Walton On Thames in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Can you offer any advice when it comes to choosing a Walton On Thames conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Walton On Thames conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Walton On Thames conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
How familiar is the firm with lease extension legislation? If the firm is not ALEP accredited then what is the reason?
I have given up trying to purchase the freehold in Walton On Thames. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Walton On Thames conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Walton On Thames flat is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term was 82.93 years.
I'm selling a property in Walton On Thames. I can find my conveyancer's company on the Law Society's list, but I can't see my lawyer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. As long there is someone qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unqualified staff.