It has been 4 months following my purchase conveyancing in Essex completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Essex I like with a park and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Essex in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I'm refinancing my current home to a BTL loan with and I will use the rest of the raised equity as a down payment on another property. The location we are interested in is Essex. Will your solicitors be able to act for both sets of lenders and link together the transactions?
Do use our search tool on this site to check that the conveyancers are approved by both lenders. Assuming that they are the lawyer should be able to simultaneously deal with the two deals but you should have a chat with you conveyancer and make clear your desired outcome and needs.