I require conveyancing for an apartment in a relatively new development (6 years built) in Abbeymeads. The vast majority the appartments are already sold. Do I need carry out the neighbourhood searches as part of conveyancing in Abbeymeads?
Where you are obtaining a loan, your bank will insist on some (many) of the searches so you'll have no choice. If not, then Abbeymeads conveyancing searches are for you to decide upon. Your lawyer, will 'advise', perhaps strongly, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or you may need to instruct a new lawyer for your conveyancing in Abbeymeads.
I own a freehold premises in Abbeymeads but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Abbeymeads and has limited impact for conveyancing in Abbeymeads 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Will our conveyancer be raising questions regarding flooding as part of the conveyancing in Abbeymeads.
The risk of flooding is if increasing concern for lawyers dealing with homes in Abbeymeads. There are those who buy a property in Abbeymeads, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a various searches that can be undertaken by the buyer or by their solicitors which should give them a better understanding of the risks in Abbeymeads. The conventional set of property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out if the property has ever been flooded. If flooding has previously occurred and is not notified by the vendor, then a purchaser could bring a legal claim for losses as a result of such an misleading reply. A buyer’s lawyers may also order an environmental search. This should disclose whether there is any known flood risk. If so, more detailed investigations will need to be initiated.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The solicitors who dealt with the conveyancing in Abbeymeads 5 years ago no longer exist. What are my options?
These day there are copies made of almost everything, and your conveyancer should know exactly where to look for all the appropriate paperwork so you can buy or dispose of your property without any difficulty. Where copies can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities against future claims on your property.
How does conveyancing in Abbeymeads differ for new build properties?
Most buyers of new build property in Abbeymeads come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Abbeymeads typically purchase the real estate, 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 conveyancing solicitors 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 used to new build conveyancing in Abbeymeads or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Abbeymeads I like with amenity areas and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Abbeymeads in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.