It has been three months since my purchase conveyancing in Brandesburton concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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 Brandesburton differ for newly converted properties?
Most buyers of new build premises in Brandesburton approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Brandesburton 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 accustomed to new build conveyancing in Brandesburton or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Brandesburton I like with amenity areas and transport links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Brandesburton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I have been pointed in your direction by a number of property agents in Brandesburton to select a solicitor using your seach tool. Is there a financial advantage for Estate Agents to recommend your services rather than a competitor’s?
We don’t give any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you provide any advice for leasehold conveyancing in Brandesburton with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Brandesburton can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives. Some Brandesburton leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property 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 term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Brandesburton leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you dont have the paperwork in place you should not contact the landlord without checking with your conveyancer before hand.
Brandesburton Leasehold Conveyancing - Sample of Queries before buying
It is important to be aware whether changing the roof or some other major work is anticipated that will be shared by the leasehold owners and will materially impact the level of the service costs or result in a specific payment. Does this lease have in excess of 82 years left? Is anyone aware of any major works in the planning that will increase the service fees?