3 months have gone by since my purchase conveyancing in Babbacombe completed. I have checked the Land Registry site 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 premises 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 Babbacombe differ for newly converted properties?
Most buyers of new build residence in Babbacombe come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Babbacombe 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 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 Babbacombe or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Babbacombe before instructing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not grant a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Babbacombe. Conveyancing will be smoother if you use a solicitor in Babbacombe especially if they are acquainted with such properties in Babbacombe.
My husband and I are novice buyers - had an offer accepted, yet the selling agent informed us that the vendor will only move forward if we use their recommended solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family conveyancer used to conveyancing in Babbacombe
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', alienating a motivated purchaser is going to damage their objectives. Speak to the vendors direct and make sure they comprehend that (a)you are serious purchasers (b)you are ready to progress, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you are going to instruct your preferred Babbacombe conveyancing solicitors - not the ones that will earn their estate agent a commission or hit his conveyancing thresholds demanded by HQ.
22 days into buying a house in Babbacombe. Conveyancing lawyer has phoned to say the title is "Leasehold". Will this likely make a difference on the marketability of the property?
Babbacombe conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a material impact on the value, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be set out in the lease to be supplied to your solicitor.