My wife and I are close to exchanging contracts on the sale of our home in Watnall and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the purchasers used a factory type conveyancing practice rather than a conveyancing solicitor in Watnall. We have lived in Watnall for three years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Watnall differ for newly converted properties?
Most buyers of new build property in Watnall come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because developers in Watnall tend to purchase 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 Watnall or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Watnall I like with open areas and railway links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Watnall in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass 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 regarding this matter.
Helen (my wife) and I may need to sub-let our Watnall ground floor flat temporarily due to a new job. We used a Watnall conveyancing firm in 2004 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
A lease dictates relations between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Watnall do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Leasehold Conveyancing in Watnall - A selection of Queries before Purchasing
How much is the ground rent and service charge? What is the the remaining lease term? Can you tell me if there are any major works on the horizon that will likely increase the service fees?
Is it the case that all Watnall solicitors on every bank conveyancing panel?
You can use our search tool or you can drop into your local bank branch in Watnall. Chances are that they will know some good conveyancing solicitors in Watnall