My wife and I have recently bought a property in Burnham On Crouch. We have since encountered a number of issues with the property which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been ordered as part of conveyancing in Burnham On Crouch?
It is not clear from the question as to the nature of the problems and if they are relate to conveyancing in Burnham On Crouch. Conveyancing searches and due diligence undertaken as part of the buying process are carried out to help avoid problems. As part of the legal transfer of property, the vendor fills in a form known as a SPIF. If the information provided is inaccurate, then you may have a claim 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 Burnham On Crouch.
How does conveyancing in Burnham On Crouch differ for newly converted properties?
Most buyers of new build premises in Burnham On Crouch come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Burnham On Crouch tend to 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 property lawyers 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 accustomed to new build conveyancing in Burnham On Crouch or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Burnham On Crouch I like with open areas and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Burnham On Crouch in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated 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 can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I need to instruct a conveyancing solicitor for my conveyancing in Burnham On Crouch. I've land on a web site which appears to be the perfect solution If there is a chance to get all the legals done via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have just started marketing my basement flat in Burnham On Crouch. Conveyancing solicitors are to be appointed soon, but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as normal as all ground rent and service charges should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a 2 bed flat in Burnham On Crouch, conveyancing formalities finalised in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Burnham On Crouch with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2097
With only 71 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
My husband and I are disposing of a Burnham On Crouch flat left to us six years ago in 2010. I have over a decades worth of conveyancing know-how and, although retired, see no reason not to conduct my own legal work. The purchaser's conveyancing practitioner has informed me that their bank will not allow you to do your own conveyancing insisting the funds to be transferred to a solicitor's bank account.
Mortgage requirements to solicitors from all mainstream lenders specify that If the vendor does not have legal representation the borrower's lawyers should check whether the bank needs to be notified so that a decision can be made if they are prepared to move forward.