My brother and I have recently purchased a house in Sawston. We have noticed several issues with the house which we consider were missed in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that should have been conducted for conveyancing in Sawston?
The question is not clear as to the nature of the problems and if they are unique to conveyancing in Sawston. Conveyancing searches and due diligence undertaken as part of the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information provided is inaccurate, you could possibly take legal action 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? What am I being asked for?
Sawston conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of the origin of funds is also required in accordance with the money laundering laws as solicitors are mandated to ensure that the funds you are utilising to buy a property (be it the exchange deposit or the total purchase price if you are buying mortgage free) has originated from legitimate source (such as employment savings) rather than the fruits of illegitimate behaviour.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Sawston?
Restrictive covenants 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 purchasing a new build house in Sawston with a mortgage from Britannia. The developers would not reduce the price so I negotiated 6k of additionals instead. The property agent told me not reveal to my conveyancer about the deal as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 leasehold apartment up to £245,000 and found one close by in Sawston I like with amenity areas and transport links nearby, however it's only got 52 years unexpired on the lease. There is not much else in Sawston for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Can you provide any top tips for leasehold conveyancing in Sawston with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Sawston can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ solicitors. Many landlords or managing agents in Sawston levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Sawston. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate is often a time consuming process and frustrates many a Sawston home move. If a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Sawston leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the approvals in place do not contact the landlord without contacting your solicitor first.
I own a studio flat in Sawston, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Sawston with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2093
With only 67 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.