My aunt passed away 10 months ago and as sole heir and executor I was left the property in Hayling Island. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Nottingham, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Nottingham will require that you use a conveyancer on the Nottingham 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 Nottingham 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 Nottingham mortgage is registered as a charge at the Land Registry.
We previously chose conveyancing lawyers with offices in Hayling Island on the Clydesdale solicitor approved list. They are now charging me an additional sum for the legal aspects of the Clydesdale mortgage. Is this an additional conveyancing fee set by Clydesdale?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your lawyer may charge a fee for this. The fee is not dictated by Clydesdale but by your Hayling Island property lawyer. Some firms on the Clydesdale panel will levy ’dealing with mortgage’ fee and others do not.
It is not clear whether my bank requires a lease extension. I have telephoned my Hayling Island building society branch on numerous occasions and was told they are content with the situation and they will lend. My Hayling Island conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
As long as the conveyancer is on the lender panel, they must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning on purchasing a house in Hayling Island. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Hayling Island solicitor is on the Aldermore conveyancing panel.
What will a local search reveal regarding the house we're purchasing in Hayling Island?
Hayling Island conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays a central role in most Hayling Island conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications applicable 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 13 subject areas.
Due to the guidance of my in-laws I had a survey completed on a house in Hayling Island ahead of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some banks will refuse to issue a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hayling Island. Conveyancing will be smoother if you use a solicitor in Hayling Island especially if they are accustomed to such properties in Hayling Island.
I was recommended by a number of selling agents in Hayling Island to find a solicitor using your seach tool. What’s the financial upside for Estate Agents to recommend your site rather than another?
We don’t offer any financial incentive for directing people our way. We found it would be just too difficult a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I work for a long established estate agency in Hayling Island where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Hayling Island conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Hayling Island Leasehold Conveyancing - A selection of Queries before buying
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How many years are left on the lease? The majority of Hayling Island leasehold properties will incur a service bill for the upkeep of the block invoiced on behalf of the freeholder. Should you purchase the apartment you will have to meet this amount, normally quarterly during the year. This can differ from several hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge to be met yearly, this is usually not a exorbitant amount, say approximately £50-£100 but you need to check as sometimes it could be many hundreds of pounds. For many Hayling Island leaseholds the cost for major works are not wrapped into the service charges, albeit that there some managing agents in Hayling Island ask leaseholders to pay into a reserve fund and this is used to offset against larger works.