Can the conveyancing solicitors highlighted via your search tool carry out right to buy conveyancing in Olney?
We do have a number of conveyancing solicitors carrying out right to buy transactions Do get in touch with the solicitors listed with a view to obtain a costs calculation.
It has been 3 months since my purchase conveyancing in Olney completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 Olney differ for new build properties?
Most buyers of new build property in Olney approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Olney usually purchase 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 used to new build conveyancing in Olney or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one near me in Olney I like with a park and transport links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Olney suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Olney. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Olney are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Olney in which case you should be looking for a Olney conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.
I invested in buying a split level flat in Olney, conveyancing having been completed in 2007. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Olney with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2082
With 59 years left to run we estimate the price of your lease extension to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Me and my wife accepted an offer on a Olney house we inherited seven years ago in 2010. I have over ten years conveyancing know-how and, now retired, see no reason not to conduct my own legal work. The buyer's conveyancing practitioner has informed me that their bank will not allow us to do our own conveyancing requiring the funds to be sent to a solicitor's bank account.
Mortgage requirements to property lawyers from all mainstream lenders state that If the vendor does not have legal representation the purchaser’s lawyers should check whether the bank needs to be notified so that a decision can be made as to whether or not they are willing to proceed.