Should my solicitor be making enquiries regarding flooding as part of the conveyancing in Woodford.
Flooding is a growing risk for lawyers dealing with homes in Woodford. Some people will acquire a property in Woodford, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their lawyers which should give them a better appreciation of the risks in Woodford. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to find out if the property has suffered from flooding. If flooding has previously occurred and is not notified by the seller, then a buyer may commence a legal claim for losses as a result of such an misleading response. A buyer’s lawyers may also conduct an environmental report. This should reveal whether there is a recorded flood risk. If so, additional inquiries should be made.
I opted to have a survey carried out on a house in Woodford prior to instructing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders will refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Woodford. Conveyancing will be smoother if you use a solicitor in Woodford especially if they regularly deal with such properties in Woodford.
Are there any apps to help identify a Woodford law firm on the Britannia conveyancing panel? I have a car and am willing to travel upto 25kilometers to meet the lawyer.
Feel free to make use of the facility on this page. Please pick a bank and your location and you will see a number of Woodford conveyancing lawyers locally. We have listed some Woodford conveyancing firms towards the end of this page and you can call them to see whether they are on the Britannia panel
We are four weeks into a leasehold purchase having been recommend to solicitors by the estate agent to execute conveyancing in Woodford. I am am very frustrated with the level of service. Could you you assist me in finding new conveyancers?
They would need to be really bad to suggest diss instructing them. Has the mortgage offer been sent? In the event that it has you must make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. Your conveyancer should be on the banks approved list to avoid added charges and delays. That should be your first question of the new solicitors. Our find a solicitor tool should help you find a bank approved solicitor for your conveyancing in Woodford
I am tempted by the attractive purchase price for a couple of apartments in Woodford both have approximately 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Woodford is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with less than eighty 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 premises 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 Woodford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Woodford. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Woodford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Woodford flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69.26 years.
We have had DIP from Platform Home Loans Ltd who suggested we could borrow up to £300k. At what point do I need to appoint a lawyer for conveyancing? Woodford is where we plan to move to.
You can instruct a lawyer now and ask them to create a file for you. This will trigger: 1) the selling agent to issue a Sales Memo to the relevant parties 2) the seller’s conveyancing practitioner to submit the draft agreement. That being said, do not ask your conveyancer to order searches until you receive your valuation report via Platform Home Loans Ltd and you are happy to move forward.