My wife and I have just acquired a house in Hollywood. We have since encountered a number of problems with the property which we suspect were missed in the conveyancing searches. What action can we take? What searches should? have been ordered for conveyancing in Hollywood?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Hollywood. Conveyancing searches and investigations initiated during the legal transfer of property are designed to help avoid problems. As part of the process, the vendor completes a document called a SPIF. If the information provided is incorrect, you could possibly take legal action against the owner 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 Hollywood.
I am considering applying for a Santander mortgage for purchase of a new build (under development) in Hollywood with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Will my conveyancer be making enquiries concerning flooding during the conveyancing in Hollywood.
Flooding is a growing risk for conveyancers carrying out conveyancing in Hollywood. There are those who buy a property in Hollywood, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Hollywood. The conventional set of property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to discover if the premises has suffered from flooding. If the premises has been flooded in past and is not disclosed by the seller, then a purchaser may issue a legal claim for losses as a result of such an incorrect reply. A purchaser’s solicitors may also commission an environmental report. This should reveal if there is any known flood risk. If so, further inquiries will need to be initiated.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Hollywood is where the house is located. Can you offer any opinion?
Flying freeholds in Hollywood 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 Hollywood you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hollywood 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 residence.
Taking into account that I will soon spend hundreds of thousands of pounds on a property in Hollywood I would like to have a conversation with the lawyer regarding theconveyancing before giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer due to be doing your conveyancing in Hollywood.There is no ‘factory style conveyancing’ - every client is an important person, not a case reference. The solicitors that we put you in touch with believe that the fees you are provided with for residential conveyancing in Hollywood should be the amount on the final invoice that you end up paying.
I work for a busy estate agent office in Hollywood where we have witnessed a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Hollywood conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a split level flat in Hollywood, conveyancing formalities finalised February 2010. 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? Comparable properties in Hollywood with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2088
With just 62 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.