2 months have elapsed since my purchase conveyancing in Bicester took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 Bicester differ for newly converted properties?
Most buyers of new build premises in Bicester approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because house builders in Bicester typically buy the real estate, 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 Bicester or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Bicester ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some banks tend not issue a mortgage on such a home.
It varies from the lender to lender. Lloyds has different requirements from Halifax. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bicester. Conveyancing may be slightly more expensive based on your lender's requirements.
I was recommended by numerous property agents in Bicester to locate a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to offer your site ahead of alternative conveyancing organisations?
We refuse to give any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I work for a reputable estate agent office in Bicester where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Bicester conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a 1st floor flat in Bicester, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Similar properties in Bicester with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2080
You have 54 years left to run the likely cost is going to be between £32,300 and £37,400 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
After what feels like an age I have had an offer on an maisonette in Bicester accepted, but there is a chain. The sellers have submitted an offer on on an apartment, although it’s not yet agreed to, and has viewings of other apartments booked. I have chosen a nearby conveyancing solicitor in Bicester. What do I do now? At what point do I apply for the mortgage with Kent Reliance?
It is understandable to have anxieties where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Bicester conveyancing search fees, etc). First, you should check that your lawyer is on the Kent Reliance approved list. Regarding the next steps this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a rising market some purchasers would apply for the mortgage with Kent Reliance and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to move forward with searches.