Should our conveyancer be asking questions concerning flooding during the conveyancing in Billingham.
Flooding is a growing risk for lawyers carrying out conveyancing in Billingham. There are those who purchase a house in Billingham, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or by their conveyancers which should figure out the risks in Billingham. The standard information supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to find out whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser may commence a legal claim for losses as a result of such an incorrect response. A buyer’s conveyancers should also order an environmental search. This should disclose if there is any known flood risk. If so, more detailed investigations should be initiated.
How does conveyancing in Billingham differ for new build properties?
Most buyers of new build residence in Billingham approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Billingham typically acquire the site, 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 accustomed to new build conveyancing in Billingham or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Billingham is the location of the property. Can you offer any guidance?
Flying freeholds in Billingham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Billingham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Billingham may decide 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 property.
I am in need of some leasehold conveyancing in Billingham. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Billingham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a leasehold flat in Billingham, conveyancing was carried out April 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Billingham with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2076
With just 52 years left to run the likely cost is going to be between £29,500 and £34,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
We are in the middle of buying a property in Billingham. Conveyancing lawyer has phoned to say the title is "Leasehold". Should this adversely affect the salability of the property?
Billingham conveyancing does not ordinarily involve leasehold houses. The main factor here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to affect the marketability too much.
On the flip side, if it's, say, fifty five years it will have a adverse impact on the value, and probably wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be set out in the lease to be supplied to your lawyer.