Will our solicitor be making enquiries regarding flooding as part of the conveyancing in Great Barr.

Flooding is a growing risk for lawyers specialising in conveyancing in Great Barr. There are those who buy a house in Great Barr, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.

Solicitors are not best placed to give advice on flood risk, however there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Great Barr. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to find out whether the premises has ever been flooded. In the event that the residence has been flooded in past which is not notified by the seller, then a buyer could bring a legal claim for losses as a result of such an inaccurate answer. A purchaser’s solicitors should also order an environmental report. This should disclose whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.

How does conveyancing in Great Barr differ for new build properties?

Most buyers of new build premises in Great Barr come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Great Barr tend to purchase the land, 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 conveyancers 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 Great Barr or who has acted in the same development.

My partner has suggested that I use his lawyers for conveyancing in Great Barr. Do I take his advice?

Much as we are happy to recommend a Great Barr conveyancing lawyer the ideal way to find a conveyancing solicitor is to have referrals from friends or family who have previously instructed the solicitor that you are are thinking of instructing.

I am attracted to a two flats in Great Barr both have approximately forty five years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Great Barr is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with under 75 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 property 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 premises 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 Great Barr 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.

Great Barr Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

If a Great Barr lease has fewer than 80 years it will impact the salability of the apartment. Check with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. For most Great Barrlease extensions you would be required to have been the owner of the property for 24 months in order to be legally able to carry out a lease extension. The answer will be useful as a) areas could cause problems in the block as the communal areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the running of the building you will wish to know about it What restrictions are there in the Great Barr Lease?

My 20yr old son is embarking on her first house purchase, the home loan was agreed last week in principle. When the offer was accepted on house we telephoned the bank to progress the mortgage application. I was disappointed to hear that mortgage lenders do not accept all property lawyer, they need to be on their approved list, is this legal?

Mortgage Companies ordinarily restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples 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 lenders have no responsibility for the quality of advice provided by any Great Barr property lawyer 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.