Should our lawyer be making enquiries about flooding as part of the conveyancing in Old Ford.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Old Ford. There are those who purchase a property in Old Ford, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate 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 impart advice on flood risk, however there are a numerous checks that can be initiated by the buyer or by their lawyers which should figure out the risks in Old Ford. The conventional set of information sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to discover if the property has historically flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser could issue a claim for damages as a result of such an misleading answer. A buyer’s conveyancers may also conduct an environmental report. This will higlight whether there is any known flood risk. If so, additional inquiries should be initiated.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who conducted the conveyancing in Old Ford 5 years ago have long since closed. What are my next steps?
Gone are the days when you need to hold title original deeds to establish that you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
Should I be wary about third parties that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Old Ford conveyancing firm?
As with lots of professional services, often suggestions from connections can be extremely useful or valuable. But there are lots of people with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all recommend solicitors to appoint. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You have the right to appoint your preferred conveyancer. Don't forget that the majority of banks specify a panel list of law firms you must use for the mortgage related work in your conveyancing.
My husband and I are a fortnight into a residential purchase having been recommend to conveyancers by the local agent to execute conveyancing in Old Ford. I am not happy. Can you help me find new solicitors?
They would have to be very poor to suggest changing them. Has the mortgage been sent? If so you need to make them aware of the new conveyancer and ensure the offer are issued to the new lawyers. Your new conveyancer should be on the mortgage company approved list to avoid added fees and frustration. So that should be your first question of the new lawyers. Our search tool should assist you in finding a bank approved lawyer for your home move in Old Ford
I work for a reputable estate agency in Old Ford where we have experienced a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Old Ford conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Old Ford. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Freehold Enfranchisement case for a Old Ford premises is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
Two months into buying a residence in Old Ford. Conveyancing lawyer has told us the property is "Leasehold". Will this likely impact the marketability of the property?
Old Ford conveyancing does not ordinarily involve leasehold houses. The crucial consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the value significantly.
At the other end of the spectrum, if it's, say, fifty five years it will have a adverse effect on the value, and most likely wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be stated in the lease provided to your solicitor.