What does a local search reveal about the property we're purchasing in The Park?
The Park conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search plays a central part in many a The Park conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
three months have elapsed following my purchase conveyancing in The Park took place. I have checked the Land Registry website which shows that I paid £175,000 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 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.
How does conveyancing in The Park differ for new build properties?
Most buyers of new build property in The Park approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in The Park typically 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 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 The Park or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in The Park I like with amenity areas and transport links nearby, the downside is that it only has 49 years on the lease. There is not much else in The Park in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I was recommended by numerous property agents in The Park to find a property lawyer on your site. Is there a financial advantage for Estate Agents to offer your services over and above another?
We refuse to give any financial incentive for sending work in our direction. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in The Park. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in The Park ?
The majority of houses in The Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in The Park so you should seriously consider looking for a The Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.
Leasehold Conveyancing in The Park - Examples of Queries before buying
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Its a good idea to discover as much as possible concerning the company managing the building as they will either make your life much simpler or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to daily matters like the tidiness of the common parts. Enquire of other people what they think of their service. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically how they are spending that money. Does this lease have more than 90 years left? How many of the leaseholders are in arrears for their maintenance charge payments?