Is there a reason why leasehold purchase conveyancing in South Woodford is more expensive?
South Woodford leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
It has been 3 months following my purchase conveyancing in South Woodford concluded. I have checked the Land Registry site which shows that I paid £150,000 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.
I have been recommended by a few property agents in South Woodford to select a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to offer your lawyers rather than alternative conveyancing organisations?
We refuse to offer any referral fee for sending work our way. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
We're FTB’s - agreed a price, yet the selling agent has warned us that the seller will only proceed if we appoint their chosen solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer with experience of conveyancing in South Woodford
It is highly unlikely the vendors are driving this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is is going to put the whole deal at risk. Contact the sellers directly and explain that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you are going to instruct your preferred South Woodford conveyancing firm - not the ones that will give the negotiator at the agency a commission or meet his conveyancing figures pre-set by corporate headquarters.
I have had difficulty in trying to purchase the freehold in South Woodford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a South Woodford conveyancing firm who can help.
An example of a Lease Extension case for a South Woodford residence is 135 Maybank Road in January 2013. The Tribunal determined that the price to be paid by the tenants for the grant of a new lease is £10,592 This case related to 1 flat. The number of years remaining on the existing lease(s) was 71.2 years.
Are there common defects that you come across in leases for South Woodford properties?
Leasehold conveyancing in South Woodford is not unique. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.