My grandfather passed away six months ago and as sole heir and executor I was left the property in Petts Wood. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Given you plan to refinance then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland 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 Bank of Ireland 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 Bank of Ireland mortgage is registered as a charge at the Land Registry.
I am purchasing a new build house in Petts Wood benefiting from help to buy. The sellers would not budge the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my solicitor about this side-deal as it may impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I opted to have a survey done on a house in Petts Wood in advance of retaining solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies may not issue a mortgage on this type of premises.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Petts Wood. Conveyancing will be smoother if you use a solicitor in Petts Wood especially if they are familiar with such properties in Petts Wood.
I am using a search engine for the words on line conveyancing in Petts Wood it shows results of many solicitorsin the area. How do I determine which is the suitable conveyancing solicitor for my move?
The ideal way of choosing the right conveyancer is via personal referral, so seek the guidance of colleagues and family who have purchased a property in Petts Wood or the local estate agent or financial adviser. Fees for conveyancing in Petts Wood differ, so it's advisable to request at least three estimates from different solicitors. Be sure to secure confirmation what costs in the quote includes.
Do you have any top tips for leasehold conveyancing in Petts Wood with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Petts Wood can be avoided where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ lawyers. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Petts Wood state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Where you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor in advance. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a re-issued share certificate is often a lengthy process and slows down many a Petts Wood home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later. The majority of freeholders or managing agents in Petts Wood levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Petts Wood. If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
We have reached the end of our tether in negotiating a lease extension in Petts Wood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension matter before the tribunal for a Petts Wood flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The remaining number of years on the lease was 50.57 years.
I dont have enough spare cash to pay a 10% deposit on my house purchase in Petts Wood , but I am anxious go ahead. Do I have options?
You can agree a smaller deposit. Many property owners will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment