I require conveyancing for a flat in a fairly new development (five years old) in Yelverton. Almost all the flats have already been disposed of. Do I need carry out the conveyancing searches for my conveyancing in Yelverton?
You are opening yourself up to an unnecessary risk in not carrying out Yelverton conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal necessity to have them, but we would seriously advise in the strongest possible terms that you have them. Where timings and price are primary issues you should consider with your conveyancer about the options such as lack of search insurance available to you
I am the registered owner of a freehold residence in Yelverton yet invoiced for rent, why is this and what is this?
It is rare for properties in Yelverton and has limited impact for conveyancing in Yelverton 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Will our conveyancer be raising questions about flooding as part of the conveyancing in Yelverton.
Flooding is a growing risk for lawyers specialising in conveyancing in Yelverton. Some people will acquire a house in Yelverton, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a various checks that can be carried out by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Yelverton. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to find out whether the premises has suffered from flooding. If the residence has been flooded in past which is not disclosed by the seller, then a buyer could commence a claim for damages as a result of such an incorrect response. A buyer’s lawyers should also conduct an enviro search. This will reveal if there is any known flood risk. If so, more detailed investigations should be carried out.
I am buying my first flat in Yelverton with the aid of help to buy. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my lawyer about this deal as it could put at risk my mortgage with Lloyds TSB Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey done on a house in Yelverton prior to instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend refuse to grant a loan on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yelverton. Conveyancing will be smoother if you use a solicitor in Yelverton especially if they regularly deal with such properties in Yelverton.