Should our conveyancer be raising enquiries about flooding as part of the conveyancing in Countesthorpe.
Flooding is a growing risk for conveyancers dealing with homes in Countesthorpe. There are those who purchase a property in Countesthorpe, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a various checks that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Countesthorpe. The standard property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out whether the premises has ever been flooded. If flooding has previously occurred which is not notified by the vendor, then a buyer may commence a legal claim for losses resulting from an incorrect reply. The purchaser’s solicitors may also commission an enviro search. This will reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be made.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Countesthorpe I like with open areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Countesthorpe in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I have been recommended by a few estate agents in Countesthorpe to select a property lawyer using your seach tool. Is there a financial upside for Estate Agents to promote your lawyers ahead of alternative conveyancing organisations?
We don’t give any financial incentive for directing people in our direction. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I need to instruct a conveyancing solicitor for purchase conveyancing in Countesthorpe. I have land on a web site which looks to be the perfect answer If there is a chance to get all this stuff completed via email that would be ideal. Should I be concerned? What should out be looking out for?
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've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Countesthorpe. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Countesthorpe ?
Most houses in Countesthorpe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Countesthorpe in which case you should be looking for a Countesthorpe conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.
I acquired a ground floor flat in Countesthorpe, conveyancing formalities finalised 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Countesthorpe with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2077
You have 53 years unexpired the likely cost is going to span between £27,600 and £31,800 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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
We are in the middle of purchasing a house in Countesthorpe. Conveyancing solicitor has phoned to say the property is "Leasehold". Should this adversely affect our lender’s valuation?
Countesthorpe conveyancing does not normally involve leasehold houses. The main factor here is the unexpired lease term and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's essentially freehold, so it shouldn't impact the marketability too much.
At the other extreme, if it's, say, Sixty years it is bound to have a adverse effect on the value, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your property lawyer.