In July 2007 Fridaysmove Streatham conveyancing team conducted the purchase conveyancing for a 125 year leasehold property valued at around £257, 500. This property is located at 94 Riggindale Road, Streatham Park, London.
Fridaysmove property conveyancer discovered a risk of natural subsidence was - further details can be viewed in the environmental searches. Properties can be at risk from natural subsidence but some more affected than others. Many factors will contribute to the level of risk your property will of natural subsidence. Some of these can include the construction materials the property is built of, the age of the property, the type as well as the proximity, size and age of nearby vegetation, the age and condition of local drains and climatic conditions. The main factor that contributes to natural subsidence is ‘Clay Shrinkage’ and this is a symptom of the type, depth and nature of the clay soil surrounding and underpinning the property in question.
This property is also located within a conservation area, as conveyancers we needed take extra precautions in case any alteration have been made. Where a conveyancing lawyer identifies a property is within a conservation area this means that the local authority has the following extra controls over the property ( over and above planning permission and building regulations ) :
- minor developments
- the protection of trees
Fridays handling conveyancer discovered that there were Planning permissions affecting this residence. The conveyancing searches revealed that the property was at risk of natural flooding, we needed to check with the sellers whether or not the property had ever suffered from flooding as well as make sure that the insurance would be available to cover the risk of any flooding in the future.
The Land Registry Office Copies supplied revealed that the sellers had owned the property for less than five years and as such there was a danger that the transfer of the property to the seller could be set aside if it was established that the property within that five year period was a Transfer at Undervalue.
Transfer at Undervalue:The transfer of property or an interest in it (for example a transfer by the owner into the joint names of himself and another) by way of gift or for a price less than the current market value of the property.
The Office Copies obtained from the Land Registry revealed that there was more than one mortgage over the property. We had to satisfy ourselves that the sellers was not in negative equity and would be able to discharge all mortgages over the property.
The estate agent's memo of sale detailing the sellers conveyancing solicitor/licensed conveyancer was obtained shortly before receiving the sale contract.
Gemma Farguson was Friday's property lawyer in charge of conveyancing in Streatham, Lambeth, South London.
The estate agent was the Foxtons branch covering Streatham.
This residence is in the local authority area of Lambeth Council Borough Of London .
The seller's conveyancing solicitor Streatham was Morrisons Solicitors LLP - DX 100201 Redhill. Lambeth, South London.
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