three months have elapsed following my purchase conveyancing in Raglan completed. 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 residence 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 Raglan differ for newly converted properties?
Most buyers of new build premises in Raglan contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Raglan tend to purchase 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 property lawyers 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 Raglan or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Raglan I like with amenity areas and railway links nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Raglan for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
My uncle has urged me to use his lawyers for conveyancing in Raglan. Should I use them?
Much as we are happy to recommend a Raglan conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to seek feedback from friends or family who have actually used the conveyancer that you are contemplating using.
Are there frequently found problems that you see in leases for Raglan properties?
Leasehold conveyancing in Raglan is not unique. All leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Bank of Scotland, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
Raglan Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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In the main the cost for major works tend not to be included within maintenance charges, albeit that some managing agents in Raglan ask tenants to contribute towards a sinking fund created for the specific purpose of building a fund for larger repairs or maintenance. Where a Raglan lease has less than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. For most Raglanlease extensions you would be required to have been the owner of the residence for a couple of years in order to be eligible to exercise a lease extension. Who are the managing agents?
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.