It is is a decade since I purchased my house in Plymouth. Conveyancing solicitors have recently been appointed on the sale but I am unable to track down the title deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with your lender or they may still be with the conveyancers who oversaw your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Nearly all conveyancing in Plymouth involves registered property but in the unlikely event that your home is unregistered it is more problematic but is resolvable.
My grandfather passed away last year and as sole heir and executor I was left the property in Plymouth. 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 Nationwide, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Nationwide will require that you use 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'm buying my first flat in Plymouth with a mortgage from TSB. The developers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative told me not inform my conveyancer about this side-deal as it may impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in Plymouth prior to appointing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you e-mail us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Plymouth. Conveyancing will be smoother if you use a solicitor in Plymouth especially if they are familiar with such properties in Plymouth.
I've recently bought a leasehold house in Plymouth. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a leasehold flat in Plymouth, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Plymouth with an extended lease are worth £186,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2073
With just 52 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.