My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Old Swan. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Clydesdale will require that you use a conveyancer on the Clydesdale 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 Clydesdale 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 Clydesdale mortgage is registered as a charge at the Land Registry.
I'm the sole beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Old Swan. The Old Swan property was put into my name in March. I want to move. I understand that there is a CML six month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view banks take of it, depend on the mortgage company as this obligation is primarily there to identify subsales or the quick reselling of properties.
I have decided to exercise my right to buy my property in Old Swan off the council. I have a mortgage offer with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
Completion of my purchase has taken place for my property in Old Swan. Conveyancing was of an acceptable standard 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 Services Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Just had an offer accepted on a new build apartment in Old Swan. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Old Swan
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Old Swan I like with a park and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Old Swan suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Should I instruct a Old Swan conveyancing lawyer who is local to the property I am buying? I have an old university friend who can handle the legal work but his firm is located 400miles away.
The primary upside of using a local Old Swan conveyancing practice is that you can visit the firm to sign documents, hand in your identification documents and pester them where appropriate. Having local Old Swan know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and in the main were content that must trump using an unfamiliar Old Swan conveyancing lawyer solely due to them being based in the area.
I am looking at a couple of apartments in Old Swan which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area.
I purchased a ground floor flat in Old Swan, conveyancing formalities finalised 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Old Swan with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease ends on 21st October 2092
With just 67 years left to run the likely cost is going to be between £10,500 and £12,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.