My grandfather passed away last year and as sole heir and executor I was left the house in Shillington. 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 UBS, pay off the mortgage. Is this possible?
Where you intend to refinance then UBS will require that you use a conveyancer on the UBS 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 UBS 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 UBS mortgage is registered as a charge at the Land Registry.
I just bought a house at auction in Shillington. Conveyancing is needed. What is next?
Having for in every practical sense signed on the dotted line you will need to retain a conveyancing lawyer quickly as you are faced with a fast approaching a drop dead date to complete the deal. Every auction property should have a corresponding auction set of papers. This will likely include most,if not all of the paperwork that your lawyer requires. Where you are dealing with leasehold premises the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You need to hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in place to complete on the date specified in the contract.
We are getting a further advance on our home loan from Principality as we want to conduct improvements to our property in Shillington. Do we need to choose a local Shillington solicitor on the Principality conveyancing panel to handle the paperwork?
Principality would not normally appoint a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I have today made my last payment due on my mortgage with Santander. I assume I don't need a Shillington property lawyer on the Santander panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
How does conveyancing in Shillington differ for newly converted properties?
Most buyers of new build or newly converted property in Shillington approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because developers in Shillington typically 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 used to new build conveyancing in Shillington or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Shillington is where the house is located. Can you offer any advice?
Flying freeholds in Shillington are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shillington you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shillington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Am I right to be concerned about estate agents that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a local Shillington conveyancing practice?
As with many professional services, often input from relatives can be extremely useful or valuable. But there are lots of parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all recommend solicitors to choose. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the discretion to choose your own lawyer. Don't forget that some banks specify a panel list of law firms you must use for the mortgage aspect of your house move.
I am attracted to a two maisonettes in Shillington both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Shillington is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shillington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a ground floor flat in Shillington, conveyancing having been completed 6 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Shillington with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2079
With only 53 years unexpired the likely cost is going to range between £27,600 and £31,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.