My partner and I have lately purchased a property in Sawston. We have since encountered a number of issues with the property which we consider were overlooked in the conveyancing searches. Do we have any recourse? Can you clarify the type of searches that needed to have been carried out for conveyancing in Sawston?
The question is not clear as what problems have arisen and if they are unique to conveyancing in Sawston. Conveyancing searches and investigations initiated as part of the legal transfer of property are designed to help avoid problems. As part of the process, the vendor fills in a questionnaire referred to as a SPIF. If the information is incorrect, you may have a misrepresentation claim 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 Sawston.
What does my ID and proof of funds have anything to do with my conveyancing in Sawston? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Sawston. However these days you can not complete any conveyancing transaction if you have not submitting evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of identification it must be both the paper element as well as the photo card part, one is not acceptable without the other.
Evidence of your source of money is required in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer will need to have this information on file. Your Sawston conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask further queries regarding the origin of monies.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Sawston?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Sawston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Sawston with a mortgage from Godiva Mortgages Ltd. The builders would not move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about the deal as it will adversely affect my mortgage with the lender. Is this normal?.
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.
I am looking for a ground for flat up to £235,500 and identified one round the corner in Sawston I like with a park and station nearby, however it's only got 51 remaining years left on the lease. There is not much else in Sawston in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Can you provide any advice for leasehold conveyancing in Sawston with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Sawston can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors. A minority of Sawston leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Sawston leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. If you dont have the consents to hand do not contact the landlord without checking with your lawyer in advance. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.
I purchased a ground floor flat in Sawston, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Sawston with a long lease are worth £206,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2093
You have 67 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.