2 months have elapsed since my purchase conveyancing in Chulmleigh took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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.
I am buying a new build flat in Chulmleigh. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Chulmleigh
Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I opted to have a survey done on a house in Chulmleigh ahead of instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some banks tend not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chulmleigh. Conveyancing will be smoother if you use a solicitor in Chulmleigh especially if they are acquainted with such properties in Chulmleigh.
Should I appoint a Chulmleigh conveyancing solicitor based in the vicinity that I am hoping to buy? An old friend can handle the conveyancing however her office is approximately 350miles drive away.
The benefit of a high street Chulmleigh conveyancing practice is that you can attend the office to execute paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and in the main were happy that must trump using an unfamiliar Chulmleigh conveyancing lawyer solely due to them being local.
Do you have any top tips for leasehold conveyancing in Chulmleigh from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Chulmleigh can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. A minority of Chulmleigh leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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. If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate is often a lengthy process and delays many a Chulmleigh conveyancing transaction. If a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later. The majority of landlords or managing agents in Chulmleigh charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Chulmleigh.
Chulmleigh Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
The majority of Chulmleigh leasehold properties will be liable to pay a service charge for maintenance of the block levied on behalf of the management company. Should you buy the property you will have to meet this charge, normally in instalments accross the year. This may vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, normally this is not a large figure, say about £25-£75 but you need to enquire as occasionally it can be many hundreds of pounds. Who are the managing agents? It would be prudent to discover as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the tidiness of the common parts. Ask other tenants whether they are happy with them. Finally, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes.