My wife and I have recently acquired a house in Prescot. We have noticed several issues with the house which we consider were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been conducted for conveyancing in Prescot?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Prescot. Conveyancing searches and due diligence undertaken during the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a seller fills in a document referred to as a Seller’s Property Information Form. answers turns out to be inaccurate, you may have a misrepresentation 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 Prescot.
Do conveyancers request money up-front for my conveyancing in Prescot?
Where you are retaining lawyers for conveyancing in Prescot your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is as part of the sale price then this should be needed immediately ahead of contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Prescot is the location of the property. What do you suggest?
Flying freeholds in Prescot are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prescot you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prescot may determine 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.
In what way can the Landlord & Tenant Act 1954 impact my business premises in Prescot and how can you help?
The particular law that you refer to provides security of tenure to business leaseholders, granting the right to make a request to court for a new tenancy and continue in occupation at the end of an expired lease. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Prescot is one of the many locations in which our lawyers have offices
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200,000 apartment in Prescot next Monday. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Prescot?
Prescot conveyancing on leasehold maisonettes typically results in administration charges raised by freeholders :
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Completing conveyancing due diligence questions
Where consent is required before sale in Prescot
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a leasehold flat in Prescot, conveyancing formalities finalised in 1996. 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? Equivalent flats in Prescot with a long lease are worth £265,000. The ground rent is £50 levied per year. The lease expires on 21st October 2102
You have 76 years unexpired the likely cost is going to be between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
Is there a distinction between surveying and conveyancing in Prescot?
Conveyancing - in Prescot or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are intending to buy and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the seller to remedy the problems prior to you complete your move.