It has been 3 months since my purchase conveyancing in Loughton concluded. I have checked the Land Registry site 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 Loughton differ for newly converted properties?
Most buyers of new build or newly converted property in Loughton contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Loughton 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 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 Loughton or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Loughton is where the house is located. Is there any advice you can impart?
Flying freeholds in Loughton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Loughton you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Loughton may determine 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.
Is it best to appoint a Loughton conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can carry out the legal formalities however her office is a couple of hundredmiles drive away.
The benefit of a high street Loughton conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and apply pressure on them if necessary. Having local Loughton know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and in the main were impressed that must outweigh using an unfamiliar Loughton conveyancing solicitor solely due to them being based in the area.
I am in need of some leasehold conveyancing in Loughton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Loughton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Loughton. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Freehold Enfranchisement decision for a Loughton residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The number of years remaining on the existing lease(s) was 69.26 years.