It has been five months following my purchase conveyancing in Clerkenwell took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 Clerkenwell differ for new build properties?
Most buyers of new build property in Clerkenwell contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Clerkenwell tend to buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in Clerkenwell or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Clerkenwell is where the house is located. Can you shed any light on this issue?
Flying freeholds in Clerkenwell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clerkenwell you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clerkenwell may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking into buying my first house which is in Clerkenwell and I am already nervous. I couldn't find anything specific about Clerkenwell. Conveyancing will be needed in due course but do you know about the Clerkenwell area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Clerkenwell. In the meantime here are some basic statistics that we found
Can you provide any top tips for leasehold conveyancing in Clerkenwell with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Clerkenwell can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Obtaining a replacement share certificate is often a time consuming formality and slows down many a Clerkenwell home move. If a new share is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible. Many landlords or managing agents in Clerkenwell levy fees for providing management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Clerkenwell.
I have had difficulty in trying to purchase the freehold in Clerkenwell. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the amount due.
An example of a Lease Extension case for a Clerkenwell property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term as at the valuation date was 66.8 years.
At what stage do I incur the Stamp Duty Land Tax chargeable for my house transaction in Clerkenwell?
Your property lawyer should complete a Land Transaction Return Form for you during your Clerkenwell conveyancing transaction for signature. On completion your solicitor will submit your Land Transaction application to the Inland Revenue and - as long as they have the funds - settle any land tax due on your behalf.