Last January we completed a house move in Broadway. We have since encountered a number of issues with the house which we suspect were missed in the conveyancing searches. What action can we take? What searches should? have been conducted for conveyancing in Broadway?
The query is vague as to the nature of the problems and if they are unique to conveyancing in Broadway. Conveyancing searches and due diligence initiated as part of the buying process are supposed to help avoid problems. As part of the legal transfer of property, a property owner fills in a questionnaire called a SPIF. answers turns out to be misleading, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Broadway.
As someone unfamiliar with the Broadway conveyancing process what is your top tip you can impart concerning the home moving process in Broadway
Not many law firms or advisers will tell you this but conveyancing in Broadway and elsewhere in Worcestershire is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of room for confrontation between you and others involved in the transaction. E.g., the seller, property agent and even potentially your mortgage company. Appointing a lawyer for your conveyancing in Broadway an important selection as your conveyancer is your adviser, and is the SOLE party in the legal process whose interest is to look after your legal interests and to keep you safe.
There is a worrying ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. You your first instinct should be to trust your lawyer above the other parties in the conveyancing process.
I have been told that property searches are the primary reason for obstruction in Broadway conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Broadway.
How does conveyancing in Broadway differ for newly converted properties?
Most buyers of new build residence in Broadway come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Broadway typically purchase the site, 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 conveyancers 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 Broadway or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and identified one round the corner in Broadway I like with amenity areas and transport links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Broadway suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Completion is due on our sale of a £350,000 flat in Broadway in 10 days. The management company has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Broadway?
For the majority of leasehold sales in Broadway conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering conveyancing due diligence questions
Where consent is required before sale in Broadway
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Broadway - Sample of Questions you should ask before buying
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How long is the Lease? This information is important as a) areas can result in problems for the block as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have full disclosure