2 months have gone by since my purchase conveyancing in Arley concluded. I have checked the Land Registry website 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 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.
How does conveyancing in Arley differ for new build properties?
Most buyers of new build or newly converted property in Arley contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Arley tend to acquire the real estate, 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 conveyancers 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 Arley or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Arley prior to instructing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders tend not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you contact us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Arley. Conveyancing will be smoother if you use a solicitor in Arley especially if they regularly deal with such properties in Arley.
In my capacity as executor for the will of my uncle I am selling a house in Monmouth but I am based in Arley. My lawyer (who is 235 miles awayhas requested that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Arley to witness and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are located in Arley
Last September I purchased a leasehold house in Arley. Do I have any liability for service charges relating to a period prior to my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Arley Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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In the main the cost for major works tend not to be included within maintenance charges, although a few managing agents in Arley require tenants to pay into a sinking fund and this is used to offset against larger works. It is important to be aware if fixing the lift or some other major work is coming up to be shared by the leasehold owners and will dramatically increase the the service charges or result in a one off invoice. The best form of lease arrangement is a share of the freehold. In this situation the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is often retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Two months into buying a property in Arley. Conveyancing solicitor has told us the property is "Leasehold". Will this likely adversely affect our lender’s valuation?
Arley conveyancing does not ordinarily involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, Sixty years it is bound to have a material effect on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease which should be made available to your property lawyer.