three months have elapsed following my purchase conveyancing in North Ockendon concluded. 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 property 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 North Ockendon differ for new build properties?

Most buyers of new build property in North Ockendon come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because developers in North Ockendon typically purchase the site, 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 property lawyers 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 North Ockendon or who has acted in the same development.

I am looking for a ground for flat up to £195,000 and found one round the corner in North Ockendon I like with a park and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in North Ockendon for this price, so just wondered if I would be making a grave error buying a short lease?

If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.

My brother has urged me to use his conveyancers in North Ockendon. Should I use them?

There are no two ways about it the best way to choose a conveyancing practitioner is to seek recommendations from friends or family who have used the conveyancer that you are contemplating using.

I invested in buying a basement flat in North Ockendon, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in North Ockendon with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 50

With 50 years left to run we estimate the premium for your lease extension to range between £36,100 and £41,800 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.