I am acquiring a property mortgage free in Markyate. I have lived for the last 20 years in Markyate. Conveyancing searches are a lot of money. As I have knowledge of the area and road very well must I have all the conveyancing searches?
Provided that you do not need a home loan, then all but one or two of the Markyate conveyancing searches are optional. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches done, but he has a professional duty to take that path of guidance. One thing to bear in mind; if you are going to dispose of the house at a future date, it will likely be be of importance to your future buyer what the searches determine. Sometimes houses with day to day issues can still reveal detrimental search results. A competent conveyancing solicitor in Markyate will be able to give you some practical guidance concerning this.
Is there a reason why leasehold purchase conveyancing in Markyate is more expensive?
Markyate leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
4 months have elapsed since my purchase conveyancing in Markyate concluded. 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 premises 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 Markyate differ for new build properties?
Most buyers of new build premises in Markyate come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because developers in Markyate usually acquire the land, 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 accustomed to new build conveyancing in Markyate or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, no chain conveyancing. Markyate is where the house is located. Is there any guidance you can give?
Flying freeholds in Markyate are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Markyate you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Markyate 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 residence.
What advice can you give us when it comes to appointing a Markyate conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Markyate conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Markyate conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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How experienced is the firm with lease extension legislation? Can they put you in touch with clients in Markyate who can give a testimonial?
Leasehold Conveyancing in Markyate - Examples of Questions you should ask before buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Who is in charge of the building? Best to be warned if a new roof is being put on or some other major work is due in the foreseeable future to be shared by the tenants and may well materially increase the the service charges or result in a one off invoice.