My wife and I have just bought a house in Faversham. We have since encountered a number of issues with the property which we believe were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that needed to have been ordered for conveyancing in Faversham?
The question is not clear as to the nature of the problems and if they are specific to conveyancing in Faversham. Conveyancing searches and investigations initiated during the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a property owner completes a document known as a SPIF. If the information turns out to be incorrect, you could possibly take legal action 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 Faversham.
I am the registered owner of a freehold residence in Faversham yet charged rent, why is this and what is this?
It is rare for properties in Faversham and has limited impact for conveyancing in Faversham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Should commercial conveyancing searches reveal planned roadworks that may affect a commercial land in Faversham?
Its becoming the norm that commercial conveyancing solicitors in Faversham will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Faversham. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Faversham.
For each commercial conveyancing transaction in Faversham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Faversham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Faversham.
I'm buying my first flat in Faversham with a loan from Skipton Building Society. The builders refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not inform my conveyancer about the extras as it will affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a property in Faversham ahead of appointing conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to grant a loan on this type of house.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Faversham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Faversham to see if the conveyancing costs will increase in light of this.
Are there common problems that you encounter in leases for Faversham properties?
There is nothing unique about leasehold conveyancing in Faversham. All leases are drafted differently and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I invested in buying a 1 bedroom flat in Faversham, conveyancing formalities finalised in 2002. Can you work out an approximate cost of a lease extension? Similar flats in Faversham with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2104
You have 79 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.