3 months have gone by following my purchase conveyancing in Ongar concluded. I have checked the Land Registry website which shows that I paid £175,000 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 Ongar differ for new build properties?
Most buyers of new build premises in Ongar approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Ongar typically acquire 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 Ongar or who has acted in the same development.
I opted to have a survey carried out on a house in Ongar before retaining solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will refuse to grant a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ongar. Conveyancing will be smoother if you use a solicitor in Ongar especially if they are familiar with such properties in Ongar.
Should I choose a Ongar conveyancing lawyer who is local to the property I am buying? I have an old university friend who can handle the conveyancing however they are based 300miles drive away.
The benefit of a high street Ongar conveyancing firm is that you can pop in to sign paperwork, hand in your ID and pester them if necessary. Having local Ongar know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were happy that should surpass using an unfamiliar Ongar conveyancing lawyer just because they are round the corner.
I am a negotiator for a busy estate agent office in Ongar where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Ongar conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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.
Ongar Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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Are any of leasehold owners in arrears of their service charge liability? The answer will be helpful as a) areas can cause problems in the block as the common areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the running of the building you will want to know about it Most Ongar leasehold properties will be liable to pay a service bill for maintenance of the building levied by the management company. If you purchase the flat you will have to meet this amount, usually in instalments throughout the year. This can be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a ground rent for you to pay yearly, ordinarily this is not a significant sum, say approximately £25-£75 but you need to check as on occasion it could be many hundreds of pounds.
We are about to exchange buying a property in Ongar but as a consequence of damage from the recent storms I have agreed reparation from the vendor of five thousand pounds by way of a deduction in the price. This was going to be addressed as part of the conveyancing process but the mortgage company will not permit this. Should they have been involved?
Your solicitor being on a mortgage company conveyancing panel is obliged to inform the bank of any variations to the purchase figure. In the event that you prohibit your property lawyer to report the reduction to your mortgage company then they would have to discontinue representing you and the lender.