My aunt passed away last year and as sole heir and executor I was left the property in Shoeburyness. 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 RBS, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then RBS will insist on your using a conveyancer on the RBS 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 RBS 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 RBS mortgage is registered as a charge at the Land Registry.
Will my lawyer be raising enquiries regarding flooding as part of the conveyancing in Shoeburyness.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Shoeburyness. There are those who buy a property in Shoeburyness, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a number of searches that can be undertaken by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Shoeburyness. The standard information supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to determine whether the property has suffered from flooding. If the residence has been flooded in past and is not revealed by the vendor, then a buyer may issue a claim for damages as a result of such an incorrect response. A buyer’s lawyers may also commission an environmental search. This should indicate whether there is any known flood risk. If so, additional investigations will need to be initiated.
Due to the encouragement of my in-laws I had a survey completed on a property in Shoeburyness in advance of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies will refuse to give a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Shoeburyness. Conveyancing will be smoother if you use a solicitor in Shoeburyness especially if they are acquainted with such properties in Shoeburyness.
I am a negotiator for a long established estate agent office in Shoeburyness where we have witnessed a number of flat sales put at risk as a result of short leases. I have received contradictory information from local Shoeburyness conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a split level flat in Shoeburyness, conveyancing was carried out 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Shoeburyness with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2104
With 80 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 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 the actual costs without more comprehensive 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 clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Our sealed bid on property in Shoeburyness has been agreed to, the seller does nevertheless have a dependent purchase. The owners have offered on a flat, although it’s not yet agreed to, and has viewings of other properties in the pipeline. I have instructed a local conveyancing solicitor in Shoeburyness. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?
It is understandable to have apprehensions where there is a chain given your reluctance to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Shoeburyness conveyancing search fees, etc). The first course of action is to ensure that your conveyancing practitioner is on the Virgin Money approved list. Regarding the subsequent stages this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. During a hot market the majority of purchasers would apply for the mortgage with Virgin Money and arrange for the survey and only if it comes back ok would they request their conveyancing practitioner to proceed with the conveyancing in Shoeburyness.