Last January we completed a house move in Speke. We have since encountered a number of issues 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 should have been ordered as part of conveyancing in Speke?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Speke. Conveyancing searches and investigations undertaken during the buying process are supposed to help avoid problems. As part of the legal transfer of property, a property owner fills in a questionnaire referred to as a Seller’s Property Information Form. If the information provided is inaccurate, then you may have a 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 Speke.
Can I use your services to recommend a Conveyancing solicitor in Speke even if I’m not purchasing or selling a house, for example where I intend to acquire a shop in Speke with a mortgage from Birmingham Midshires?
The service is mainly there to locate residential conveyancing solicitors in Speke but we have set out at the end of this page a few Speke commercial conveyancing firms. You will need to speak with the firm directly to check if they can also act for Birmingham Midshires
How does conveyancing in Speke differ for newly converted properties?
Most buyers of new build residence in Speke come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Speke typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Speke or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and identified one near me in Speke I like with a park and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Speke suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
What are the common deficiencies that you see in leases for Speke properties?
Leasehold conveyancing in Speke is not unique. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the property Insurance obligations
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I invested in buying a ground floor flat in Speke, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Speke with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2084
With 59 years left to run we estimate the price of your lease extension to be between £20,900 and £24,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
What type of premises does your Speke conveyancing estimates relate to?
Our conveyancing quotes are only applicable to standard domestic premises in England & Wales. Should you have any different needs such as industrial or agricultural property or commercial conveyancing in Speke please telephone us to consider your requirements .