Will my solicitor be raising questions about flooding as part of the conveyancing in Leiston.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Leiston. There are those who acquire a house in Leiston, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a various searches that can be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Leiston. The conventional set of property information forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to discover if the premises has historically flooded. In the event that the property has been flooded in past and is not notified by the vendor, then a buyer may commence a legal claim for losses resulting from an incorrect reply. A purchaser’s lawyers should also order an environmental search. This should higlight whether there is any known flood risk. If so, further investigations will need to be made.
How does conveyancing in Leiston differ for newly converted properties?
Most buyers of new build property in Leiston come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Leiston usually acquire the real estate, 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 property lawyers 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 used to new build conveyancing in Leiston or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one near me in Leiston I like with amenity areas and station nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Leiston suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.