five months have gone by following my purchase conveyancing in Adlington concluded. I have checked the Land Registry website which shows that I paid £150,000 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 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.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Adlington I like with amenity areas and station in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Adlington for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Do I need to be suspicious that brokers that I am dealing with are suggesting a national conveyancing firm rather than a High Street Adlington conveyancing company?
As with many service providers, often input from connections can be worth their weight in gold. Yet there are many parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all put forward solicitors to retain. On occasion these lawyers might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the endorsement. You are at liberty to choose your preferred conveyancer. However, bear in mind that some banks specify a panel list of lawyers you are obliged to use for the mortgage related work in your conveyancing.