I am only a couple days away from an exchange on a house in Downend and my parents have sent the 10% deposit to my lawyer. I am now advised that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is legally required to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Will my conveyancer be making enquiries about flooding as part of the conveyancing in Downend.
The risk of flooding is if increasing concern for solicitors dealing with homes in Downend. Plenty of people will purchase a property in Downend, completely aware 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, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of searches that may be undertaken by the purchaser or by their conveyancers which can give them a better understanding of the risks in Downend. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a buyer could bring a legal claim for losses as a result of such an inaccurate response. The buyer’s solicitors will also carry out an environmental search. This will disclose if there is any known flood risk. If so, additional investigations will need to be initiated.
I moved into my apartment on 2 January and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Downend said it would be concluded in less than a month. Are titles in Downend particularly slow to register?
There is nothing unique about conveyancing in Downend registration formalities. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and whether the Land registry have to notify any interested parties. Currently approximately three quarters of submission are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Registration takes place once the new owner has moved in to the premises therefore an expedited registration is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers can contact the land registry and explain the circumstances.
How does conveyancing in Downend differ for new build properties?
Most buyers of new build residence in Downend come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because developers in Downend typically acquire 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 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 Downend or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Downend from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Downend can be reduced if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. Some Downend leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you hold a share in a the freehold, you should make sure that you have the original share certificate. Obtaining a replacement share certificate is often a time consuming process and frustrates many a Downend home move. Where a new share certificate is necessary, do contact the company officers or managing agents (where relevant) for this sooner rather than later. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Downend leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. If you fail to have the approvals in place you should not contact the landlord without contacting your solicitor first.
I purchased a garden flat in Downend, conveyancing was carried out in 2005. Can you work out an approximate cost of a lease extension? Similar flats in Downend with an extended lease are worth £186,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2077
With 52 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
Is there a distinction between surveying and conveyancing in Downend?
Conveyancing - in Downend or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you discover the condition of the building and, if there are problems, give you leverage for negotiating the buying price down or asking the seller to fix the defects prior to you move in.