My grandmother passed away last year and as sole heir and executor I was left the house in Tetbury. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
Given you intend to refinance then UBS will insist on your using a conveyancer on the UBS 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 UBS 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 UBS mortgage is registered as a charge at the Land Registry.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Tetbury?
There are many recorded licenced Conveyancers in Tetbury and Solicitor practices in Tetbury who can assist with your conveyancing We would stress that both are regulated professionals specialising in the legal work in the home buying process. Both can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am being told by my conveyancer that lack of building regulations insurance is required on my purchase. What is the level of cover for Tetbury conveyancing?
The appropriate level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Halifax and Leeds Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
Completion of my purchase has taken place for my property in Tetbury. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Should commercial conveyancing searches reveal proposed roadworks that may affect a commercial premises in Tetbury?
Many commercial conveyancing solicitors in Tetbury will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Tetbury. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Tetbury.
For every commercial conveyancing transaction in Tetbury it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Tetbury commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Tetbury.
How does conveyancing in Tetbury differ for newly converted properties?
Most buyers of new build premises in Tetbury contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Tetbury typically purchase the real estate, 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 property lawyers 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 used to new build conveyancing in Tetbury or who has acted in the same development.
I am employed by a reputable estate agent office in Tetbury where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Tetbury conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. 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.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
I acquired a ground floor flat in Tetbury, conveyancing having been completed in 2000. How much will my lease extension cost? Comparable flats in Tetbury with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2082
With 64 years unexpired we estimate the premium for your lease extension to range between £14,300 and £16,400 as well as legals.
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 detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.