My uncle passed away 10 months ago and as sole heir and executor I was left the house in Hayling Island. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
If you plan to refinance then UBS will insist on your using a conveyancer on the UBS 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 UBS 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 UBS mortgage is registered as a charge at the Land Registry.
We previously appointed conveyancers based in Hayling Island on the UBS solicitor panel. They are now charging me a supplemental sum for dealing with the UBS mortgage. Is this an additional conveyancing fee specified by UBS?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner may charge a fee for this. This fee is not set by UBS but by your Hayling Island conveyancing practitioner. Plenty of firms on the UBS panel will levy ’dealing with mortgage’ fee and others do not.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called 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 bank conveyancing panel- called and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the mortgage company panel, she or he must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 apartment 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 UBS 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 property lawyer is on the UBS conveyancing panel.
What can a local search reveal concerning the property I am buying in Hayling Island?
Hayling Island conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance Searches UK The local search is essential in every Hayling Island conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search should provide information on, amongst other things, details on planning applications relevant to the property (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 topic areas.
Due to the input of my in-laws I had a survey completed on a property in Hayling Island prior to appointing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks will not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hayling Island. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by a few estate agents in Hayling Island to choose a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to offer your services rather than a competitor’s?
We don’t offer any commission for directing people to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am a negotiator for a long established estate agent office in Hayling Island where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Hayling Island conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
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How much is the yearly service fee and ground rent? In the main the cost for major works tend not to be wrapped into the service charges, albeit that some managing agents in Hayling Island obliged leasehold owners to pay into a sinking fund created for the specific purpose of establishing a fund for larger works. Can you inform me if there are any major works anticipated that could add a premium to the maintenance charges?