My uncle passed away six months ago and as sole heir and executor I was left the property in Chelmsford. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this possible?
Given you intend to re-mortgage then Nationwide will insist on your using a conveyancer on the Nationwide 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 Nationwide 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 Nationwide mortgage is registered as a charge at the Land Registry.
It has been 3 months following my purchase conveyancing in Chelmsford completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Chelmsford with the aid of help to buy. The developers refused to budge the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not disclose to my conveyancer about the deal as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £195,000 and identified one close by in Chelmsford I like with open areas and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Chelmsford suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am using a search engine for the phrase cheap conveyancing in Chelmsford it shows results of numerous solicitorslocally. With so much choice what is the best way to find the suitable conveyancing solicitor for purchase transaction?
The best method of finding the right conveyancer is via trusted referral, so enquire of colleagues and relatives who have acquired a property in Chelmsford or a respected estate agent or mortgage broker. Fees for conveyancing in Chelmsford vary, so it's advisable to request a minimum of three costs illustrations from varying types of law firms. Make sure that you clarify that the fees are fixed.
I am hoping to complete next month on a leasehold property in Chelmsford. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Chelmsford should include some of the following:
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Rent payments - how much and when is collected, and be on notice if this is subject to change The unexpired lease term. You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark You would want to be sent a copy of the lease Defining your legal entitlements in relation to common areas in the building.For instance, does the lease include a right of way over an accessway or staircase? Additions to the property
I invested in buying a 1st floor flat in Chelmsford, conveyancing formalities finalised 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Chelmsford with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2092
You have 67 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.