It has been 4 months since my purchase conveyancing in Loughton took place. I have checked the Land Registry site 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 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 Loughton differ for new build properties?
Most buyers of new build premises in Loughton come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Loughton usually buy 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 conveyancers 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 Loughton or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Loughton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Loughton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Loughton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Loughton 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.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Loughton. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Loughton ?
The majority of houses in Loughton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Loughton so you should seriously consider looking for a Loughton conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Loughton. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Loughton conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Loughton flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired term was 69.26 years.
We are midway through buying a house in Loughton. Conveyancing lawyer has told us the property is "Leasehold". Should this make a difference on the marketability of the house?
Loughton conveyancing does not ordinarily involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to impact the marketability significantly.
At the other extreme, if it's, say, fifty five years it will have a adverse effect on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your conveyancer.