My aunt passed away six months ago and as sole heir and executor I was left the property in Solva. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to , pay off the mortgage. Is this possible?
Given you intend to re-mortgage then will require that you use a conveyancer on the 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 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 mortgage is registered as a charge at the Land Registry.
Various web forums that I have frequented warn that are the number one reason for delay in Solva conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Solva.
Me and my brother own a semi-detached Edwardian property in Solva. Conveyancing solicitor represented me and . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the matching address. Is it worth asking to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Solva and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who completed the work.
How does conveyancing in Solva differ for newly converted properties?
Most buyers of new build property in Solva contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Solva tend to buy 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 Solva or who has acted in the same development.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Solva. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Solva are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Solva so you should seriously consider looking for a Solva conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.
I invested in buying a studio flat in Solva, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Solva with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 50
With 50 years remaining on your lease we estimate the premium for your lease extension to be between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.