It has been 4 months following my purchase conveyancing in Loughton completed. 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Loughton I like with a park and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Loughton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I was advised by a couple of local property agents in Loughton to select a property lawyer on your site. What’s the financial upside for Estate Agents to promote your services over and above another?
We refuse to offer any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I've recently bought a leasehold property in Loughton. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to reach an agreement for a lease extension in Loughton. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to calculate the premium.
An example of a Freehold Enfranchisement decision for a Loughton premises 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 was in relation to 2 flats. The unexpired lease term was 69.26 years.
I pay a maintenance fee for my property in Loughton. Due to redundancy and other issues I slipped into arrears with remittance. The freeholders agreed a payment plan but there remains two left to be paid.
I am under pressure to dispose of the property and I am concerned this will hold me back if I have to discharge the arrears in advance. I'd like to sell up and then discharge the debt from the proceeds - is this viable?
Your lawyer will hopefully be in a position to negotiate with the appropriate parties, with a new to seeing if they would accept settlement from sale proceeds. This is indicative of why it is sensible to use a conveyancing practitioner in Loughton as they may well have an open line of communication with the parties.