My grandfather passed away six months ago and as sole heir and executor I was left the property in Spital. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then RBS will insist on your using a conveyancer on the RBS 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 RBS 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 RBS mortgage is registered as a charge at the Land Registry.
I own a 4 bedroom Edwardian property in Spital. Conveyancing practitioner represented me and Britannia. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Spital and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build flat in Spital. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Spital
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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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am using a search engine for the phrase on line conveyancing in Spital it reveals many conveyancersin the vicinity. With so much choice what is the best way to find the right solicitor for me?
The preferential way of finding the right conveyancer is via trusted referral, so enquire of friends and family who have acquired a property in Spital or a reputable estate agent or financial adviser. Costs for conveyancing in Spital differ, so it's advisable to secure at least three quotes from different companies. Dont forget to clarify that the fees are fixed.
I am tempted by the attractive purchase price for a two apartments in Spital both have in the region of 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Spital is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Spital 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 am the registered owner of a split level flat in Spital, conveyancing formalities finalised March 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Spital with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2086
With just 61 years left to run we estimate the price of your lease extension to span between £18,100 and £20,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
To what extent are Spital conveyancing solicitors duty bound by the Law Society to supply transparent conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Spital or across England and Wales.