My uncle passed away six months ago and as sole heir and executor I was left the house in Torpoint. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to , pay off the mortgage. Is this allowed?
Where you intend to refinance then will insist on your using 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 visited warn that are the main cause of delay in Torpoint house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Torpoint.
How does conveyancing in Torpoint differ for new build properties?
Most buyers of new build property in Torpoint approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because developers in Torpoint tend to acquire the site, 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 accustomed to new build conveyancing in Torpoint or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one close by in Torpoint I like with a park and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Torpoint suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
My husband and I are first time buyers - agreed a price, yet the estate agent told us that the vendor will only issue a contract if we instruct the agent's recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Torpoint
We suspect that the owner is unaware of this request. Should the vendor require ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Torpoint conveyancing firm - not the ones that will earn their negotiator at the agency a referral fee or achieve conveyancing figures demanded by senior management.