My partner and I have recently acquired a house in The Park. We have noticed several issues with the house which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been carried out as part of conveyancing in The Park?
The query is vague as what problems have arisen and if they are specific to conveyancing in The Park. Conveyancing searches and due diligence undertaken as part of the buying process are carried out to help avoid problems. As part of the legal transfer of property, a property owner answers a questionnaire referred to as a SPIF. answers ends up being misleading, 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 The Park.
I am buying a right to buy a flat in The Park. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in The Park you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in The Park.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in The Park?
There are many registered licenced Conveyancers in The Park and Solicitor firms in The Park who provide Conveyancing services It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. Both can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Is it correct that all The Park CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
After what feels like an age I have had an offer on a maisonette in The Park agreed to, but there is a chain. The owners have placed an offer on a flat, however it’s not been accepted yet, and are looking at other apartments in the pipeline. I have chosen a local conveyancing solicitor in The Park. What do I do now? At what stage do I apply for the mortgage with Clydesdale?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, The Park conveyancing search fees, etc). First, you should ensure that your conveyancing practitioner is on the Clydesdale approved list. Concerning the subsequent steps this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. In a hot market the majority of buyers will apply for the mortgage with Clydesdale and pay for the valuation and only if it comes back ok would they ask their solicitor to move forward with the conveyancing in The Park.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. The Park is where the house is located. Can you offer any assistance?
Flying freeholds in The Park are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside The Park you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in The Park may ascertain 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.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in The Park and how can you help?
The particular law that you refer to provides a safeguard to business leaseholders, giving them the legal entitlement to apply to court for a new tenancy and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in The Park
I am tempted by the attractive purchase price for a couple of maisonettes in The Park both have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in The Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with The Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a basement flat in The Park, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in The Park with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2104
With 79 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.