My Ottery St Mary conveyancer has spotted a difference when comparing the assumptions in the home valuation report and what is in the title deeds. My solicitor has advised that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
My aunt passed away last year and as sole heir and executor I was left the property in Ottery St Mary. 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 Nottingham, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then Nottingham will require that you use a conveyancer on the Nottingham 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 Nottingham 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 Nottingham mortgage is registered as a charge at the Land Registry.
I am looking for a flat up to £235,500 and identified one close by in Ottery St Mary I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Ottery St Mary in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I have been advised by a number of estate agents in Ottery St Mary to choose a conveyancer using your seach tool. Is there a financial upside for Estate Agents to recommend your lawyers over and above another?
We don’t offer any referral fee for sending work our way. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am in need of some leasehold conveyancing in Ottery St Mary. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Ottery St Mary - 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 own a garden flat in Ottery St Mary, conveyancing having been completed 9 years ago. How much will my lease extension cost? Similar properties in Ottery St Mary with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2087
With just 66 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.