Should our solicitor be raising enquiries about flooding during the conveyancing in Bromley.
Flooding is a growing risk for solicitors dealing with homes in Bromley. Some people will acquire a house in Bromley, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a various checks that can be carried out by the buyer or by their solicitors which should give them a better appreciation of the risks in Bromley. The conventional set of information sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past which is not revealed by the owner, then a buyer could issue a claim for damages stemming from an incorrect answer. A buyer’s solicitors will also carry out an enviro report. This should indicate if there is a recorded flood risk. If so, additional investigations will need to be carried out.
I'm buying a new build house in Bromley with a mortgage from The Mortgage Works. The developers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not disclose to my solicitor about this side-deal as it would adversely affect my mortgage with the lender. Is this normal?.
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 am looking for a flat up to £305k and found one close by in Bromley I like with a park and transport links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Bromley 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 that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I am a sole trader planning to lease a unit on the high street. Can you recommend conveyancers offering no-move-no fees for commercial conveyancing in Bromley for below £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Bromley, including the disposal and acquisition of businesses as well as simply premises. If you are intending to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right firm. Regarding the fees these will vary based on the structure and heads of terms of the proposed transaction. Please provide us with your details or call so as to enable us to supply you with a fixed commercial conveyancing quote.
My father-in-law has encouraged me to use his conveyancers in Bromley. Do I take his guidance?
Much as we are happy to recommend a Bromley conveyancing lawyer the best way to find a conveyancing solicitor is to have recommendations from friends or relatives who have experience in using the firm you're contemplating using.
When it comes to my conveyancing in Bromley should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Bromley conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.