My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Ottery St Mary. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
If you plan to refinance then Coventry BS will insist on your using a conveyancer on the Coventry BS 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 Coventry BS 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 Coventry BS mortgage is registered as a charge at the Land Registry.
We are purchasing a flat in Ottery St Mary. I might seem paranoid but how we can trust a solicitor? At some point we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Ottery St Mary?
There are many recorded licenced Conveyancers in Ottery St Mary and Solicitor practices in Ottery St Mary to choose from It is important to make clear that the two are regulated professionals specialising in the legal work in transferring property. The two can deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I have a mortgage with Yorkshire BS for my property in Ottery St Mary. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
What does a local search inform me regarding the house I am buying in Ottery St Mary?
Ottery St Mary conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays an important role in most Ottery St Mary conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant 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 thirteen topic areas.
Just had an offer accepted on a new build apartment in Ottery St Mary. 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 few leasehold new build questions that you can expect your new-build leasehold conveyancing in Ottery St Mary
-
Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the guidance of my in-laws I had a survey completed on a house in Ottery St Mary prior to retaining lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will refuse to give a loan on such a property.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can look into this further via 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 Ottery St Mary. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ottery St Mary to see if the conveyancing will be more expensive.
I'm refinancing my current property to a buy to let mortgage with Barclays and I will use the ballance of the raised equity towards a second property. The area we are interested in is Ottery St Mary. Will your lawyers be able to act for the two mortgage companies and link together the transactions?
Do use our search tool on this page to check that the conveyancers are approved by both mortgage companies. Assuming that they are your conveyancer will be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and specify your expectations and needs.