My wife and I have recently acquired a house in Trowbridge. We have noticed several problems with the property which we believe were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that needed to have been ordered for conveyancing in Trowbridge?
The query is not clear as to the nature of the problems and if they are unique to conveyancing in Trowbridge. Conveyancing searches and investigations initiated as part of the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information provided is inaccurate, you could possibly take legal action 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 Trowbridge.
I am considering applying for a Skipton mortgage for purchase of a newly converted (under development) in Trowbridge with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
In theory, you could use a solicitor that is not on the Skipton conveyancing panel, but Skipton would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
2 months have gone by since my purchase conveyancing in Trowbridge took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Trowbridge I like with amenity areas and transport links nearby, however it's only got 61 years on the lease. I can't really find anything else in Trowbridge in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
My husband and I are FTB’s - agreed a price, but the selling agent informed us that the owners will only proceed if we use their preferred lawyers as they need an ‘expedited deal’. We would rather use a local solicitor used to conveyancing in Trowbridge
We suspect that the owner is unaware of this ultimatum. Should the vendor want ‘a quick sale', turning down a motivated buyer is is going to put the whole deal at risk. Speak to the vendors direct and explain that (a)you are serious purchasers (b)you are ready to go, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you are going to use your preferred Trowbridge conveyancing solicitors - as opposed tothe ones that will provide the estate agent a referral fee or hit his conveyancing targets pre-set by head office.
I am a negotiator for a reputable estate agency in Trowbridge where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Trowbridge conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Trowbridge Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
-
Please note that where the lease has less than 80 years it will impact the salability of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely require a lease extension at some point and it is worth discovering what this will be. Remember, in most cases you will be required to have owned the premises for a couple of years in order to be entitled to exercise a lease extension. Plenty Trowbridge leasehold properties will have a service charge for the upkeep of the building levied on behalf of the management company. Should you buy the apartment you will have to meet this liability, normally periodically accross the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large amount, say around £25-£75 but you should to enquire as sometimes it could be surprisingly expensive. Are any of leasehold owners in arrears of their service charge payments?