My wife and I are looking to buy a flat in Watchet and are in fact using a Watchet conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Birmingham Midshires have this morning contacted us to inform me that they have now hit a problem as our Watchet conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Watchet lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Should commercial conveyancing searches reveal planned roadworks that could impact a commercial land in Watchet?
Its becoming the norm that commercial conveyancing solicitors in Watchet will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Watchet. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Watchet.
For every commercial conveyancing transaction in Watchet it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Watchet commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Watchet.
The deeds to our house can not be found. The lawyers who dealt with the conveyancing in Watchet 4 years ago no longer exist. What are my next steps?
You no longer need to hold title official documentation to evidence that you are the owner of your registered land or property, as the Land Registry have everything they need in a digital format.
I am buying a new build flat in Watchet. 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 is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Watchet
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Watchet. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Watchet ?
Most houses in Watchet are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Watchet in which case you should be looking for a Watchet conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I acquired a basement flat in Watchet, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable flats in Watchet with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2079
With just 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.