My uncle passed away last year and as sole heir and executor I was left the house in Copmanthorpe. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Principality will require that you use a conveyancer on the Principality 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 Principality 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 Principality mortgage is registered as a charge at the Land Registry.
My solicitor has informed me that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Copmanthorpe?
The appropriate level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such policies.
I am the single beneficiary of my late father’s will and I have everything in my name now, including the house in Copmanthorpe. The Copmanthorpe property was put into my name in January. I plan to dispose of the house. I do know about the CML six month 'rule', which means that my property ownership will be regarded the same way as if I'd bought the house in January. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this requirement primarily exists to pick up on subsales or the wholesaling and assigning of property.
I recently had an offer accepted on a house in Copmanthorpe. My financial adviser pressured me to appoint their conveyancer. I paid an advanced payment of £150. Not long after, the lawyer called me sheepishly admitting that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Copmanthorpe differ for new build properties?
Most buyers of new build premises in Copmanthorpe contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Copmanthorpe 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 conveyancers 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 Copmanthorpe or who has acted in the same development.
I am looking for a flat up to £195,000 and found one round the corner in Copmanthorpe I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Copmanthorpe in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the price 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 could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I'm remortgaging my current home to a BTL mortgage with Bank of Scotland and I will use the ballance of the raised equity as a down payment on further property. The location we are interested in is Copmanthorpe. Will your lawyers be able to act for both sets of banks and tie in the two deals?
Do use our search tool on this page to be sure that the lawyers are on the appropriate lender panels. Having checked that they are your lawyer should be able to connect the two conveyancing matters but you should talk with you conveyancer and make clear your desired outcome and needs.
My 20yr old son is embarking on her first house purchase, the home loan was agreed last week in principle. After the seller agreed the offer on the apartment we contacted the bank to go forward with his. I was very surprised to hear that mortgage lenders do not accept all conveyancing practitioner, they need to be on their approved list, is this right?
Banks tend to imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Copmanthorpe property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.