It has been 2 months since my purchase conveyancing in Dymock 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 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 am purchasing a new build house in Dymock with a loan from Leeds Building Society. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my solicitor about the side-deal as it would jeopardize my loan with the bank. 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Dymock I like with amenity areas and station nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Dymock suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I'm refinancing my current property to a buy to let mortgage with Yorkshire Building Society and I will use the rest of the raised equity towards another house. The location we are looking at is Dymock. Will your conveyancers be able to act for both sets of banks and tie in the transactions?
Make use of our comparison tool on this page to ensure that the solicitors are approved by both mortgage companies. Having checked that they are your solicitor will be able to connect the two deals but you should have a chat with you conveyancer and make clear your expectations and requirements.
What advice can you give us when it comes to appointing a Dymock conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Dymock conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Dymock conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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If the firm is not ALEP accredited then why not? How familiar is the firm with lease extension legislation?
I bought a studio flat in Dymock, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Dymock with a long lease are worth £180,000. The ground rent is £65 per annum. The lease terminates on 21st October 2084
With only 59 years unexpired we estimate the price of your lease extension to range between £20,900 and £24,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
There are numerous houses in Dymock on unadopted lanes. My husband and I are acquiring one such house. Are there any advantages to purchasing a residence on a privately owned road?
Dymock conveyancing practices will be well versed in conveyancing propertieson unadopted roads. Your conveyancing practitioner should review the Land Registry data to find any rights or liabilities. It is possible that there is a management company (wholly owned by residents) that owners pay into for the upkeep of the road. If one exists, the road should be maintained and appear better than council adopted.