four months have gone by following my purchase conveyancing in Ellesmere Port took place. I have checked the Land Registry site 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 Ellesmere Port differ for newly converted properties?
Most buyers of new build or newly converted property in Ellesmere Port approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Ellesmere Port typically purchase 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 Ellesmere Port or who has acted in the same development.
I decided to have a survey carried out on a property in Ellesmere Port before retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some banks tend refuse to issue a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ellesmere Port. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ellesmere Port to see if the conveyancing costs will increase in light of this.