My grandfather passed away six months ago and as sole heir and executor I was left the house in Cotswolds. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
Where you intend to refinance then Coventry BS will insist on your using a conveyancer on the Coventry BS 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 Coventry BS 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 Coventry BS mortgage is registered as a charge at the Land Registry.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Cotswolds conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Nationwide?
Some lenders take longer than others. Have Nationwide conducted the survey? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I'm spending time looking at flats in Cotswolds and I am about to put in an offer. Is it best to have a solicitor on ‘stand by’? I intend to finance via a mortgage with Nottingham.
It would be advisable to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are seeking a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
Nationwide have agreed my home loan in principle, my offer on a house in Cotswolds has been accepted, what are the next steps?
The property agent will need to be advised as to your lawyer's details (ensure that the conveyancers are on the bank’s approved list). Telephone Nationwide or your financial adviser and finalise any relevant paperwork. Nationwide will instruct a valuer who will get in contact with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Nationwide will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cotswolds.
How does conveyancing in Cotswolds differ for new build properties?
Most buyers of new build premises in Cotswolds approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Cotswolds tend to 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 conveyancing solicitors 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 Cotswolds or who has acted in the same development.
All being well we will complete the sale of our £450,000 apartment in Cotswolds in seven days. The management company has quoted £324 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Cotswolds?
Cotswolds conveyancing on leasehold apartments often necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty to levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I acquired a 1 bedroom flat in Cotswolds, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Cotswolds with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2082
You have 58 years unexpired we estimate the price of your lease extension to range between £21,900 and £25,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I purchased a property in Cotswolds last 22/11/2022 and to date it is still not registered with HM Land Registry. It is part of a new estate and my property lawyer told me that it can take twelve months to complete the registration formalities. I have spoken with HMLR directly and they have informed me the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
It is your conveyancing practitioner that you should get in touch with in order to satisfy any issues which have been raised as part of the registration process for your Cotswolds property. Normal Cotswolds conveyancing practice includes an undertaking on the part of the vendor’s property lawyer that they will assist in resolving any registration raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.