We are due to complete buying a house in Chepstow but as a result of wreckage from a small fire at the property I have managed to agree reparation from the current proprietors of £3k in the form of a adjustment in the price. I had intended this to be dealt with as part of a side agreement but Yorkshire BS are not allowing this. Should they have been involved?
Any solicitor being on the Yorkshire BS approved list is obliged to inform Yorkshire BS of any variations to the purchase price. If you prohibit your solicitor to notify the reduction to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new solicitor for your conveyancing in Chepstow.
It is a dozen years since I purchased my property in Chepstow. Conveyancing lawyers have now been retained on the sale but I can't track down the title deeds. Is this a problem?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they could be in the possession of the lawyers who handled your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Chepstow involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Will our conveyancer be making enquiries about flooding as part of the conveyancing in Chepstow.
Flooding is a growing risk for lawyers dealing with homes in Chepstow. There are those who acquire a house in Chepstow, completely 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 obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a number of checks that can be carried out by the buyer or by their solicitors which should give them a better understanding of the risks in Chepstow. The standard information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to determine if the premises has ever been flooded. In the event that the property has been flooded in past and is not disclosed by the owner, then a buyer may issue a legal claim for losses as a result of such an misleading response. The buyer’s lawyers should also commission an environmental report. This will indicate whether there is any known flood risk. If so, further inquiries should be initiated.
The estate agent has sent us the confirmation of our purchase of a new build flat in Chepstow. Conveyancing is necessary evil 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.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Chepstow
-
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Chepstow is the location of the property. Can you shed any light on this issue?
Flying freeholds in Chepstow are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chepstow you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chepstow may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My husband and I may need to let out our Chepstow basement flat for a while due to taking a sabbatical. We used a Chepstow conveyancing practice in 2003 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Chepstow do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I invested in buying a split level flat in Chepstow, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Chepstow with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2094
With 69 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.