My grandmother passed away last year and as sole heir and executor I was left the house in Staines. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Aldermore will insist on your using a conveyancer on the Aldermore 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 Aldermore 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 Aldermore mortgage is registered as a charge at the Land Registry.
I opted to have a survey carried out on a house in Staines before retaining lawyers. I have been told that there is a flying freehold element to the property. My surveyor has said that some mortgage companies may not give a mortgage on such a premises.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Staines. Conveyancing will be smoother if you use a solicitor in Staines especially if they are acquainted with such properties in Staines.
I'm remortgaging my primary property to a BTL mortgage with Leeds Building Society and I will use the rest of the raised equity as a down payment on further house. The area we are interested in is Staines. Will your conveyancers be able to act for both sets of lenders and tie in the transactions?
Do use our search tool on this site to be sure that the solicitors are on the relevant lender panels. Assuming that they are the solicitor will be able to tie up the two deals but you should talk with you lawyer and specify your expectations and needs.
Do you have any top tips for leasehold conveyancing in Staines from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Staines can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers. You believe that you know the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Staines leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. The majority of landlords or Management Companies in Staines levy fees for providing management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Staines. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
I inherited a two-bedroom flat in Staines. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Lease Extension case for a Staines property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term was 82.93 years.
Do I stop the direct debit for my mortgage with Virgin Money once a completion date for my sale in Staines has been agreed?
You are best advised to maintain meeting any mortgage sums to Virgin Money pending the mortgage being redeemed on completion as part of your Staines conveyancing.