My aunt passed away last year and as sole heir and executor I was left the house in Leeswood. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
Where you plan to refinance then Principality will insist on your using a conveyancer on the Principality 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 Principality 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 Principality mortgage is registered as a charge at the Land Registry.
I'm the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Leeswood. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship will be considered the same way as if I'd bought the house in September. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most banks would take a practical view as this clause is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
My fiancee and I are in the throws of looking at houses in Leeswood and I am now considering a potential offer. Should I already have a lawyer in place at this point? I intend to finance via a home loan with Barclays.
It would be wise to commence 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 forward their details on to the EA. Given that you are obtaining a mortgage with Barclays, ask your prospective lawyers if they are on the Barclays conveyancing panel otherwise they can't do the mortgage legal work.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Leeswood building society branch on numerous occasions and was advised it wasn't an issue and they would lend. My Leeswood conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
The property lawyer must comply with the CML Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Leeswood differ for newly converted properties?
Most buyers of new build property in Leeswood come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because builders in Leeswood tend to purchase the land, 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 Leeswood or who has acted in the same development.
I am using a search engine for the phrase on line conveyancing in Leeswood it shows results of many property lawyerslocally. With so much choice what is the best way to find the right property lawyer for me?
The preferential method of choosing the right conveyancer is through a personal referral, so seek the opinion of friends and those you trust who have acquired a property in Leeswood or a respected estate agent or financial adviser. Costs for conveyancing in Leeswood vary, so it's advisable to secure a minimum of four estimates from varying types of property lawyers. Make sure that you clarify that the charges are assured not to escalate.
I am on look out for some leasehold conveyancing in Leeswood. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Leeswood - 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 2 bed flat in Leeswood, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Leeswood with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2090
You have 71 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 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 renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.