Will my solicitor be asking questions about flooding during the conveyancing in Shanklin.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Shanklin. Some people will purchase a house in Shanklin, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a numerous checks that may be carried out by the purchaser or by their lawyers which can give them a better understanding of the risks in Shanklin. The conventional set of property information forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the owner to discover if the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the seller, then a buyer could commence a claim for damages stemming from an inaccurate answer. A buyer’s lawyers should also conduct an enviro report. This will reveal whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
Have completed on a a detached house in Shanklin , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Shanklin conveyancing solicitor has been very slow, so I want to be certain the post completion formalities are addressed.
There is nothing unique when it comes to conveyancing in Shanklin registration formalities. As opposed to being determined by geographic area, timescales can differ according to the party submitting the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. Currently roughly three quarters of such applications are completed within two weeks but some can be subject to protracted hold-ups. Registration occurs once the buyer has moved in to the property thus registration formalities is not typically primary concern but if there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
I am buying my first flat in Shanklin with a mortgage from Platform Home Loans Ltd. The developers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not reveal to my solicitor about this extras as it would put at risk my mortgage with Platform Home Loans Ltd. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Shanklin is where the house is located. Can you offer any guidance?
Flying freeholds in Shanklin are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shanklin you must be sure that your lawyer goes 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 Shanklin 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 premises.
Can you offer any advice when it comes to finding a Shanklin conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Shanklin conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Shanklin conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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How experienced is the practice with lease extension legislation? What are the charges for lease extension work?
Shanklin Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
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The prefered form of lease structure is a share of the freehold. In this arrangement the lessees have control and notwithstanding that a managing agent is often employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the ground rent and service charge? You should be aware that where the lease has less than 80 years it will affect the value of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would be required to have owned the premises for two years in order to be entitled to exercise a lease extension.
I am an executor of my recently deceased parent's Will, with a house in Shanklin which is to be sold. The property is unregistered at HMLR and I'm told that some buyers solicitors will insist that it is completed before they'll proceed. What's the mechanism for this?
In the circumstances that you have set out it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.