Completed the sale of my flat in Emerson Park last September yet the purchaser is calling every few hours to moan that her solicitor needs to hear from myconveyancer. What are the post completion sale formalities following completion?
After completion of your sale your lawyer should send the transfer deeds and all supplemental paperwork to the buyer’s lawyers. If applicable, your solicitor must also evidence that the legal charge in favour of the lender has been discharged to the buyers solicitors. There are no post completion procedures just for conveyancing in Emerson Park.
Should our lawyer be raising enquiries concerning flooding during the conveyancing in Emerson Park.
Flooding is a growing risk for solicitors dealing with homes in Emerson Park. Some people will acquire a house in Emerson Park, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out 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 numerous searches that may be carried out by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Emerson Park. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine if the premises has historically flooded. In the event that the premises has been flooded in past which is not revealed by the owner, then a buyer could bring a claim for damages resulting from an inaccurate response. The purchaser’s solicitors should also carry out an environmental search. This will indicate whether there is any known flood risk. If so, additional investigations will need to be carried out.
4 months have elapsed since my purchase conveyancing in Emerson Park concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Emerson Park differ for new build properties?
Most buyers of new build premises in Emerson Park approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Emerson Park typically buy the land, 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 used to new build conveyancing in Emerson Park or who has acted in the same development.
Do I need to be wary that brokers that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Emerson Park conveyancing company?
As is the case with many professional services, often input from connections can be extremely useful or valuable. But there are numerous people with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may recommend conveyancers to choose. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there exists a financial incentive behind the endorsement. You are at liberty to choose your preferred conveyancer. However, bear in mind that most lenders specify a panel list of law firms you must use for the mortgage aspect of your home move.
I am attracted to a couple of apartments in Emerson Park which have about 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Emerson Park. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Emerson Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the amount due.
An example of a Lease Extension case for a Emerson Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.