Will our conveyancer be raising questions about flooding during the conveyancing in Bow Street.

Flooding is a growing risk for lawyers dealing with homes in Bow Street. There are those who buy a house in Bow Street, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.

Conveyancers are not best placed to give advice on flood risk, but there are a number of checks that may be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Bow Street. The standard property information forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to find out whether the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser may commence a claim for damages as a result of such an inaccurate reply. The purchaser’s conveyancers will also commission an enviro search. This should disclose if there is any known flood risk. If so, additional investigations will need to be conducted.

I purchased my home on 1 June and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Bow Street expressed confidence that it will be concluded inside ten days. Are transfers in Bow Street uniquely lengthy to register?

As far as conveyancing in Bow Street registration is no quicker or slower than anywhere else in the country. Rather than based on location, timescales can vary subject to who lodges the application, whether it is in order and if the Land registry must send notices to any interested persons or bodies. At present in the region of 80% of submission are fully addressed within 12 days but occasionally there can be extensive delays. Historically registration takes place once the buyer has moved in to the property thus 'speed' is not typically top priority but where it is urgent that the the registration takes place urgently then you or your lawyers should contact the land registry and explain the circumstances.

I am buying a new build flat in Bow Street. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bow Street

The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

I am using a search engine for the term conveyancing in Bow Street it reveals numerous solicitorsin the area. How do I determine which is the right property lawyer for purchase transaction?

The best method of choosing a suitable conveyancer is through a trusted testimonial, so enquire of friends and family who have purchased a property in Bow Street or the reputable estate agent or mortgage broker. Fees for conveyancing in Bow Street vary, so it's sensible to secure a minimum of four fee calculations from different conveyancers. Make sure that you clarify that the fees are fixed.

I am tempted by the attractive purchase price for a two flats in Bow Street which have in the region of forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Bow Street is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive 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 Bow Street 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Bow Street Leasehold Conveyancing - Sample of Questions you should ask before buying

Where a Bow Street lease has fewer than eighty years it will affect the value of the apartment. Check with your lender that they are happy with residual term of the lease. A short lease means that you will probably need a lease extension at some point and it is worth finding out how much this would cost. Remember, in most cases you would be required to have been the owner of the residence for 24 months before you are eligible to extend the lease. Its a good idea to find out as much as you can concerning the managing agents as they can either make life much simpler or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to daily issues such as the upkeep of the communal areas. Don't be shy to ask prospective neighbours whether they are happy with them. Finally, be sure you discover the dates that the service fees are due to the relevant party and specifically what you get for your money. Be sure to investigate if there is anything that is prohibited in the lease. By way of example it is fairly common in Bow Street leases that pets are not permitted in in a block in Bow Street. If you love the apartmentin Bow Street however your cat can’t move with you then you have a very hard decision.