five months have gone by following my purchase conveyancing in Otford concluded. I have checked the Land Registry website which shows that I paid £200,000 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 property 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.
I'm buying my first flat in Otford with a loan from Halifax. The developers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my lawyer about the extras as it would impact my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £245,000 and found one round the corner in Otford I like with amenity areas and railway links in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in Otford suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
How easy is it to use the search tool to locate a conveyancing practitioner in Otford on the approved list for my lender?
1st choose a mortgage company such as Lloyds TSB Bank, The Mortgage Works or Aldermore then choose your preferred area for instance Otford. Conveyancing firms in Otford and across England and Wales should be listed.
I own a leasehold house in Otford. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Otford who acted for me is not around. What should I do?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Otford conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a leasehold flat in Otford, conveyancing having been completed in 2002. Can you work out an approximate cost of a lease extension? Comparable properties in Otford with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2083
With just 57 years remaining on your lease we estimate the price of your lease extension to span between £26,600 and £30,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
I have just had an offer accepted on an apartment in Otford and the mortgage adviser that we are dealing with suggested his conveyancing practitioner. She quoted a thousand pounds excluding VAT and disbursements. Does this sound steep?
Don't just go on a single estimate. You should obtain like-for-like quotes for your conveyancing in Otford. Then select one that you are comfortable with and just as important, is on the approved list of the lender that you have applied for a mortgage from.