My aunt passed away six months ago and as sole heir and executor I was left the house in Newburn. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
If you intend to refinance 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.
If you had a top tip for selecting a conveyancing solicitor in Newburn what would it be?
We would encourage you not to base your choice on the cheapest Newburn conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
We have a mortgage agreed in principle with Nottingham. Newburn conveyancing solicitors have been selected. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham completed the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The formalities of my purchase has taken place for my property in Newburn. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
How does conveyancing in Newburn differ for new build properties?
Most buyers of new build premises in Newburn come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Newburn usually purchase 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 conveyancing solicitors 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 Newburn or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Newburn I like with open areas and railway links nearby, however it's only got 52 years unexpired on the lease. There is not much else in Newburn suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I've recently bought a leasehold house in Newburn. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Newburn, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Newburn with a long lease are worth £197,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2081
With 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
The estate agent has suggested using their lawyer for our conveyancing in Newburn - Is it not simpler easier to just use them?
This is not necessarily the case and you are at liberty to use whichever conveyancing practitioner of your choosing for your Newburn conveyancing. A conveyancer suggested by an estate agent may not always be the right conveyancing practitioner, they may recommend their preferred conveyancing firm who are based far away. In this instance you may not have contact with your conveyancing practitioner and due to the lack of continuity in the transaction, it may be difficult to obtain updates.