My uncle passed away 10 months ago and as sole heir and executor I was left the property in Custom House. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Yorkshire BS will require that you use 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.
Two weeks ago we had a mortgage agreed in principle with Coventry BS. Custom House conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
There is no definitive answer here. Have Coventry BS conducted the survey? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am expecting a DIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Custom House solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Custom House solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I have decided to exercise my right to buy my property in Custom House off the council. I have a mortgage offer with RBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
I am buying a new build house in Custom House with a mortgage from Platform Home Loans Ltd. The sellers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not inform my conveyancer about this extras as it may put at risk my mortgage with Platform Home Loans Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 am looking for a leasehold apartment up to £195,000 and found one near me in Custom House I like with open areas and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Custom House for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I have recently realised that I have 72 years remaining on my flat in Custom House. I now want to get lease extension but my freeholder is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the landlord. In some cases an enquiry agent would be helpful to carry out a search and to produce an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Custom House.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Custom House conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Custom House conveyancing firm who can help.
An example of a Lease Extension case for a Custom House premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired term as at the valuation date was 69.77 years.
We own a leasehold flat in Custom House. Conveyancing was finished in five years ago. I have been told that I mustn’t allow the the remaining lease term to fall too short. Why is that a problem?
Custom House residential long term leases are for a set term - often ninety nine years when they are first granted. However a significant appartments in Custom House were constructed or converted 20 or more years ago and so such leases now have fewer than eighty years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage companies generally need leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are approaching seventy five years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. Please note that there are strong financial reasons to taking action before the lease reaches even eighty years as when the lease falls below 80 years the premium you have to pay to extend starts to escalate.