Should my lawyer be raising questions concerning flooding as part of the conveyancing in Yorkshire Dales.
Flooding is a growing risk for conveyancers conducting conveyancing in Yorkshire Dales. There are those who purchase a house in Yorkshire Dales, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous checks that can be undertaken by the buyer or by their lawyers which can give them a better understanding of the risks in Yorkshire Dales. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to find out if the property has suffered from flooding. If the residence has been flooded in past which is not disclosed by the seller, then a purchaser may issue a claim for damages stemming from an inaccurate answer. A buyer’s lawyers will also order an environmental report. This will disclose if there is a recorded flood risk. If so, further investigations will need to be initiated.
The estate agent has sent us the confirmation of our purchase of a new build flat in Yorkshire Dales. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Yorkshire Dales
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. Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Yorkshire Dales I like with open areas and railway links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Yorkshire Dales suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I have been pointed in your direction by a few property agents in Yorkshire Dales to select a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to offer your site ahead of another?
We don’t make any commission for sending work in our direction. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you provide any advice for leasehold conveyancing in Yorkshire Dales with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Yorkshire Dales can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers. Some Yorkshire Dales leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Obtaining a re-issued share certificate can be a time consuming formality and frustrates many a Yorkshire Dales conveyancing transaction. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later. Many freeholders or managing agents in Yorkshire Dales levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Yorkshire Dales.
I invested in buying a ground floor flat in Yorkshire Dales, conveyancing having been completed in 2005. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Yorkshire Dales with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2077
With only 58 years remaining on your lease the likely cost is going to range between £23,800 and £27,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.