My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Colindale. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Virgin Money will insist on your using a conveyancer on the Virgin Money 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 Virgin Money 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 Virgin Money mortgage is registered as a charge at the Land Registry.
Last month we had a mortgage agreed in principle with Clydesdale. Colindale conveyancing lawyers have been appointed. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
There is no definitive answer here. Have Clydesdale completed the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After months of negotiation I have agreed a price on an apartment in Colindale. My mortgage broker suggested a property lawyer. I paid an upfront payment of £175. A few days later, the conveyancer contacted me embarrassingly acknowledging that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My offer on a house in Colindale has been agreed to, but there is a chain. The owners have offered on on an apartment, however it’s not been accepted yet, and are looking at other apartments booked. I have selected a high street conveyancing solicitor in Colindale. What do I do now? At what point should I apply for the mortgage with Clydesdale?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then survey, Colindale conveyancing search costs, etc). First, you must check that your solicitor is on the Clydesdale conveyancing panel. As to the next phase this very much depends on the uniqueness of your case, motivation for the property and on the state of the market. In a buoyant market some purchasers will apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they pay their property lawyer to proceed with the conveyancing in Colindale.
Should my conveyancer be raising enquiries concerning flooding as part of the conveyancing in Colindale.
Flooding is a growing risk for conveyancers dealing with homes in Colindale. Plenty of people will acquire a house in Colindale, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a various searches that may be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Colindale. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to discover whether the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may bring a compensation claim as a result of such an incorrect response. The purchaser’s lawyers will also order an enviro search. This will disclose if there is a recorded flood risk. If so, further investigations will need to be initiated.
I am looking for a flat up to £235,500 and found one round the corner in Colindale I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Colindale suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
We have instructed a Colindale conveyancing solicitor for our house purchase (novice purchasers) and have picked up in the engagement letter that they are not covered by the FCA. Should I be worried or is that usually the case with conveyancing practitioner?
We can't see why they should be. Most property lawyer don't lend money. They will be regulated by the SRA, who set stringent laws in relation to monies held by them.