My grandmother passed away six months ago and as sole heir and executor I was left the property in Beaworthy. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
If you intend to refinance then Nationwide will insist on your using a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Beaworthy I like with a park and station nearby, however it only has 51 years on the lease. There is not much else in Beaworthy suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
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I am in need of some leasehold conveyancing in Beaworthy. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Beaworthy - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a split level flat in Beaworthy, conveyancing having been completed May 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Beaworthy with over 90 years remaining are worth £179,000. The ground rent is £65 per annum. The lease terminates on 21st October 2078
With 57 years remaining on your lease we estimate the price of your lease extension to be between £26,600 and £30,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
I have just had an offer accepted on a leasehold flat in Beaworthy and the estate agent that we are using recommended his property lawyer. He quoted £900 plus VAT and disbursements. Does this sound steep?
You should not rely on one estimate. You should obtain like-for-like quotes for your conveyancing in Beaworthy. Then select one that you trust and crucially, is on the approved list of the bank that you have applied for a mortgage from.