Last August we completed a house move in Waterbeach. We have noticed several issues 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 conducted for conveyancing in Waterbeach?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Waterbeach. Conveyancing searches and investigations initiated during the buying process are carried out to help avoid problems. As part of the legal transfer of property, the vendor completes a questionnaire known as a Seller’s Property Information Form. answers turns out to be incorrect, 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 Waterbeach.
Finally the sale completed on my house in Waterbeach last November but the buyer keeps Skype messaging every few hours complaining that their lawyer is waiting to hear from mine. What should my lawyer have done following completion?
After completion of your disposal your lawyer is obliged to forward the transfer documentation and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your lawyer must also send confirmation that the legal charge in favour of the lender has been discharged to the purchasers lawyers. There is unlikely to be post completion tasks unique to conveyancing in Waterbeach.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Waterbeach with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore 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.
Will our lawyer be making enquiries concerning flooding during the conveyancing in Waterbeach.
Flooding is a growing risk for conveyancers carrying out conveyancing in Waterbeach. Some people will acquire a house in Waterbeach, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a numerous searches that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Waterbeach. The conventional set of property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to discover whether the property has suffered from flooding. If the property has been flooded in past and is not revealed by the seller, then a buyer could commence a compensation claim resulting from an inaccurate reply. A purchaser’s lawyers may also carry out an environmental search. This should indicate if there is a recorded flood risk. If so, additional investigations will need to be conducted.
What advice can you give us when it comes to appointing a Waterbeach conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Waterbeach conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Waterbeach conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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Can they put you in touch with clients in Waterbeach who can give a testimonial?
I am the registered owner of a garden flat in Waterbeach, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Waterbeach with over 90 years remaining are worth £227,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2096
With 71 years left to run the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
My nephew is just in the process of moving home, the home loan was agreed last week in principle. When the offer was accepted on house we rang the mortgage company to issue the formal offer. We were disappointed to learn that mortgage companies do not accept all conveyancing practitioner, they have to be on a list, is this correct?
Banks tend to imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Waterbeach solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.