My grandmother passed away six months ago and as sole heir and executor I was left the property in Watton. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this allowed?
Given you intend to refinance then Yorkshire BS will insist on your using a conveyancer on the Yorkshire BS 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 Yorkshire BS 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 Yorkshire BS mortgage is registered as a charge at the Land Registry.
What can a local search tell me concerning the house my wife and I buying in Watton?
Watton conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Xpress Legal The local search plays an important part in most Watton conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Do I need to be suspicious about estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Watton conveyancing company?
As is the case with many professional services, often recommendations from relatives can be extremely useful or valuable. Yet there are numerous players in a conveyancing transaction; estate agents, financial adviser and lenders may put forward conveyancers to instruct. On occasion the conveyancers might be known to one of the organisations as being good in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the discretion to choose your own lawyer. Don't forget that many mortgage providers specify a panel list of law firms you are obliged to use for the lender aspect of your conveyancing.
My father-in-law has encouraged me to instruct his conveyancing solicitors in Watton. Should I choose my own solicitor?
Much as we are happy to recommend a Watton conveyancing lawyer it’s preferable to select a conveyancing practitioner is to have feedback from friends or relatives who have actually previously instructed the solicitor you're are thinking of instructing.
Back In 2006, I bought a leasehold house in Watton. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Watton who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Watton conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a studio flat in Watton, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Watton with an extended lease are worth £185,000. The ground rent is £65 yearly. The lease runs out on 21st October 2079
With 60 years left to run the likely cost is going to span between £20,000 and £23,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.