It has been five months since my purchase conveyancing in Billesdon took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Billesdon differ for new build properties?
Most buyers of new build or newly converted property in Billesdon come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Billesdon 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 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 Billesdon or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 affect my business offices in Billesdon and how can your lawyers assist?
The 1954 Act provides security of tenure to business tenants, giving them the dueness to make a request to court for a renewal lease and continue in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Billesdon
Do you have any advice for leasehold conveyancing in Billesdon with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Billesdon can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved. If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Billesdon leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the consents to hand do not communicate with the landlord without contacting your conveyancer in advance.
I acquired a 1st floor flat in Billesdon, conveyancing formalities finalised June 2009. Can you work out an approximate cost of a lease extension? Similar properties in Billesdon with an extended lease are worth £181,000. The ground rent is £55 per annum. The lease terminates on 21st October 2070
You have 51 years unexpired the likely cost is going to be between £30,400 and £35,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
How and when do I pay stamp duty chargeable for my Billesdon house purchase?
Your conveyancing practitioner will fill out a Land Transaction Return Form on your behalf as part of your Billesdon purchase transaction for you to sign. On completion your lawyer will submit your Land Transaction application to the Tax Authorities and - assuming they have the funds - settle any land tax liability on your behalf.