2 months have gone by following my purchase conveyancing in Burwell took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 premises 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Burwell is the location of the property. Can you offer any guidance?
Flying freeholds in Burwell are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burwell you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burwell may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I better off to go with a Burwell conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can handle the legal formalities but they are based over three hundred miles drive away.
The primary upside of using a local Burwell conveyancing firm is that you can pop in to execute documents, present your ID and apply pressure on them if necessary. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were content that must trump using an unknown Burwell conveyancing solicitor just because they are local.
I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Burwell. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Burwell ?
Most houses in Burwell are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Burwell in which case you should be looking for a Burwell conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I acquired a 2 bed flat in Burwell, conveyancing was carried out September 2010. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Burwell with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease ceases on 21st October 2084
With only 65 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
We are about to purchasing a apartment in Burwell. Conveyancing is not yet done but we would like keep our transaction price a secret from sites such as Rightmove. Is this achievable and how?
HMLR by statute are obliged to reveal price paid data on the official title for domestic properties nationwide including premises in Burwell. The register of title is a public document, so the Land Registry would be breaking the law if they did not grant access to the register.
In essence you can ask HMLR to withhold the amount paid entry but the response would be in the negative.