It has been 3 months following my purchase conveyancing in Newport took place. I have checked the Land Registry website which shows that I paid £200,000 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 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.
About to purchase a new build flat in Newport. Conveyancing is a frightening process 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 legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Newport
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Newport is where the house is located. What do you suggest?
Flying freeholds in Newport are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newport you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newport may decide 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 residence.
Is it possible to swap firm as I have to choose one who is on the The Mortgage Works conveyancing list. I was using a high street conveyancing solicitor in Newport round the corner but she is not approved by The Mortgage Works
We will our best to assist in finding you a conveyancing solicitor in Newport on the The Mortgage Works panel. Please note that the solicitors that we list do not pay us fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Newport. In utilising search facility on this website, you can contrast costs for conveyancing solicitors in Newport and throughout England and Wales.
I work for a busy estate agency in Newport where we have experienced a number of flat sales derailed due to short leases. I have received inconsistent advice from local Newport conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Newport Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
If a Newport lease has no more than 80 years it will impact the salability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Newportlease extensions you will be required to have owned the residence for a couple of years in order to be entitled to exercise a lease extension. Generally speaking the cost for major works tend not to be included within service charges, albeit that a few managing agents in Newport obliged leasehold owners to pay into a sinking fund and this is used to offset against larger repairs or maintenance. How long is the Lease?