3 months have elapsed following my purchase conveyancing in Watnall completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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.

I'm buying a new build house in Watnall with a mortgage from Birmingham Midshires. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not to tell my solicitor about the deal as it will put at risk my mortgage with Birmingham Midshires. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am looking for a ground for flat up to £195,000 and identified one round the corner in Watnall I like with amenity areas and railway links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Watnall in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?

If you need a home loan the shortness of the lease will be problematic. Reduce the price by the anticipated 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 may ask them to start the process of the extension 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 solicitor regarding this matter.

How do I use your search app to locate a conveyancing lawyer in Watnall on the panel for my mortgage?

First select a bank such as Nationwide Building Society, Chelsea Building Society or Alliance & Leicester then type in your location for instance Watnall. Conveyancing practices in Watnall and beyond will then be shown.

I work for a long established estate agent office in Watnall where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Watnall conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

I own a split level flat in Watnall, conveyancing formalities finalised in 2004. Can you work out an approximate cost of a lease extension? Corresponding properties in Watnall with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2100

With just 75 years left to run the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.