three months have gone by following my purchase conveyancing in Burslem completed. I have checked the Land Registry website which shows that I paid £175,000 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.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Burslem. Conveyancing is daunting 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.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Burslem
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Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Burslem I like with a park and railway links nearby, however it only has 52 years unexpired on the lease. There is not much else in Burslem for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I was advised by a few estate agents in Burslem to locate a conveyancer on your site. Is there a financial inducement for Estate Agents to offer your site over alternative conveyancing organisations?
We refuse to make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am a negotiator for a busy estate agent office in Burslem where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Burslem conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
As long as 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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.
Leasehold Conveyancing in Burslem - A selection of Questions you should ask Prior to Purchasing
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Generally speaking the cost for major works are not wrapped into the maintenance charges, albeit that there some managing agents in Burslem obliged tenants to pay into a sinking fund and this is used to offset against larger works. Is anyone aware of any major works anticipated that will increase the service costs?
What happens where there is an issue with the searches carried out as part of our conveyancing in Burslem?
On the whole, almost all problems disclosed in Burslem conveyancing search responses can be handled in advance of completion or indemnity insurance can be taken. It is crucial to note that even though you are acquiring the premises and might be willing to live with the search results, your lender may not, and when all said and done have the final decision.