My wife and I have just purchased a house in Southmead. We have since encountered a number of problems with the house which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been conducted for conveyancing in Southmead?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Southmead. Conveyancing searches and investigations initiated during the buying process are carried out to help avoid problems. As part of the process, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information ends up being inaccurate, you could possibly take legal action against the owner 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 Southmead.
Do conveyancers request an advanced payment when it comes to conveyancing in Southmead?
Where you are retaining lawyers for conveyancing in Southmead your solicitor will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the sale price then this will be needed shortly prior to exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
I had intended to instruct a property lawyer in Southmead for our house move. Our financial adviser has since advised us that our mortgage lenders Halifax won't deal with them. Why is this not regarded as unfair competition?
Banks in the main restrict either the category or the amount of conveyancing firms on their member panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of solicitor practices they permit to act for them. You should note that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there are mixed views about the extent of solicitor involvement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near Southmead only conduct very few conveyances a year.
Various online forums that I have frequented warn that are a common reason for delay in Southmead house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Southmead.
I'm buying my first flat in Southmead with a mortgage from Halifax. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not reveal to my solicitor about the side-deal as it could put at risk my mortgage with Halifax. 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £375,000 apartment in Southmead in 8 days. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Southmead?
Southmead conveyancing on leasehold flats nine out of ten times results in fees being raised by landlords agents :
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Addressing pre-contract enquiries
Where consent is required before sale in Southmead
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a 1st floor flat in Southmead, conveyancing formalities finalised January 2007. Can you work out an approximate cost of a lease extension? Comparable flats in Southmead with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2104
With just 79 years left to run the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.