My grandfather passed away last year and as sole heir and executor I was left the property in Holyhead. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Kent Reliance, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then Kent Reliance will insist on your using a conveyancer on the Kent Reliance 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 Kent Reliance 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 Kent Reliance mortgage is registered as a charge at the Land Registry.
I have been told that property searches are the primary cause of hinderance in Holyhead house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Holyhead.
Are there restrictive covenants that are commonly picked up during conveyancing in Holyhead?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Holyhead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Holyhead with a loan from Bank of Ireland. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The estate agent advised me not reveal to my conveyancer about the deal as it could jeopardize my loan with the bank. Should I keep quiet?.
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.
Due to complete next month on a ground floor flat in Holyhead. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Holyhead should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Changes to the premises Specifying your rights in relation to common areas in the block.By way of example, does the lease provide for a right of way over an accessway or hallways? Does the lease prevent you from renting out the flat, or having a home office for business The total ownership of the premises. This might be the apartment itself but could also incorporate a roof space or basement if relevant.
I acquired a studio flat in Holyhead, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Holyhead with over 90 years remaining are worth £260,000. The ground rent is £45 per annum. The lease ends on 21st October 2099
With only 74 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Our conveyancer in Holyhead has uncovered a a problem with the lease for the property we are buying in Holyhead. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.