My wife and I have lately bought a house in Parson Cross. We have since encountered a number of issues with the house which we suspect were overlooked in the conveyancing searches. Do we have any recourse? What searches should? have been ordered as part of conveyancing in Parson Cross?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Parson Cross. Conveyancing searches and investigations initiated during the buying process are carried out to help avoid problems. As part of the legal transfer of property, a property owner answers a questionnaire known as a SPIF. If the information ends up being incorrect, then you may have a claim against the vendor 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 Parson Cross.
My wife and I have recently appointed a conveyancing solicitor in Parson Cross. I need to find out if they are accepted on the Platform Home Loans Ltd approved list of lawyers. Could you assist?
You should e-mail the lawyer and ask them whether they are on the lender panel. Otherwise you can get in touch with Platform Home Loans Ltd who may be able to assist.
How does conveyancing in Parson Cross differ for newly converted properties?
Most buyers of new build property in Parson Cross contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Parson Cross usually purchase 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 conveyancers 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 Parson Cross or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one near me in Parson Cross I like with a park and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Parson Cross in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Estate agents have just been given the go-ahead to market my basement flat in Parson Cross. Conveyancing lawyers have not yet been instructed, but I have recently had a quarterly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as usual given that all ground rent and service charges will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a 1st floor flat in Parson Cross, conveyancing having been completed November 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Parson Cross with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease expires on 21st October 2085
With just 60 years unexpired the likely cost is going to range between £20,000 and £23,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
How and when do I pay stamp duty payable for my Parson Cross flat purchase?
Your conveyancing practitioner should fill out a stamp duty return on your behalf as part of your Parson Cross purchase transaction for signature. After completion your conveyancing practitioner will submit your STL application to the Tax Authorities and - as long as they have the funds - settle any land tax payable on your behalf.