Last January we completed a house move in Shawbury. We have since encountered a number of problems with the property which we consider were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that should have been ordered for conveyancing in Shawbury?
The question is vague as to the nature of the problems and if they are specific to conveyancing in Shawbury. Conveyancing searches and investigations initiated during the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, a seller fills in a questionnaire referred to as a Seller’s Property Information Form. answers proves to be inaccurate, you could possibly take legal action 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 Shawbury.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Shawbury building society branch on a couple of occasions and was told it wasn't an issue and they will lend. My Shawbury conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancer is on the mortgage company approved list, they must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
After months of negotiation I have agreed a price on a house in Shawbury. My financial adviser recommended their conveyancers. I paid an on account payment of £175. A couple of days later, the property lawyer contacted me sheepishly admitting that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Shawbury solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Shawbury postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Shawbury.
I'm buying a new build house in Shawbury with a mortgage from Nottingham Building Society. The builders would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not inform my lawyer about the side-deal as it will jeopardize my loan with the lender. Should I keep quiet?.
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 near me in Shawbury I like with a park and transport links in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Shawbury in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities 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 solicitor regarding this.
Last December I purchased a leasehold house in Shawbury. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a leasehold flat in Shawbury, conveyancing having been completed in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Shawbury with a long lease are worth £197,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2082
With 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Our mortgage broker has suggested using their conveyancer for our conveyancing in Shawbury - Surely it’s advisable to just instruct them?
It is not always the case and you are entitled to instruct whichever solicitor of your choosing for your Shawbury conveyancing. The lawyer suggested by a 3rd party adviser may not always be the right property lawyer, they may suggest their own conveyancing firm who are based remotely. In this instance you may not have contact with your conveyancing practitioner and due to the lack of continuity in the transaction, it may be difficult to obtain updates.