My uncle passed away last year and as sole heir and executor I was left the property in Stourbridge. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Coventry BS will require that you use 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.
I am being told by my conveyancer that absentee landlord insurance is required on my purchase. What is the level of cover for Stourbridge conveyancing?
The right level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between Santander and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
I'm the only recipient of my late father’s estate and I have everything in my name alone, including the house in Stourbridge. The Stourbridge property was put into my name in February. I now wish to sell up. I do know about the CML six month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the house in February. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How practical a view lenders take of it, depend on the lender as this requirement principally exists to capture the purchase and immediately sell or the quick reselling of property.
When it comes to lenders such as Nationwide, do Stourbridge conveyancing practitioners incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Have completed on a a semi-detached house in Stourbridge , What is the estimated time for the Land Registry to record my ownership? My Stourbridge conveyancing solicitor works at snail pace, so I want to check the land registry aspects are addressed.
As far as conveyancing in Stourbridge is concerned, registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can adjust according to the party submitting the application, whether there are errors and if the Land registry communicate with any third parties. At present in the region of three quarters of submission are fully dealt with in less than three weeks but some can be subject to protracted delays. Historically registration is effected after the purchaser has moved in to the property so post completion formalities is not typically top priority but if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
How does conveyancing in Stourbridge differ for newly converted properties?
Most buyers of new build premises in Stourbridge contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Stourbridge tend to buy the real estate, 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 conveyancers 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 Stourbridge or who has acted in the same development.
I am using a search engine for the term conveyancing in Stourbridge it brings up many conveyancersin the area. How do I determine which is the suitable property lawyer for me?
The preferential way of seeking a suitable conveyancer is through a personal recommendation, so seek the opinion of colleagues and those you trust who have bought a property in Stourbridge or a reputable estate agent or mortgage broker. Charges for conveyancing in Stourbridge differ, so it's advisable to request a minimum of three fee estimates from different property lawyers. Make sure that you clarify that the fees are fixed.
We have instructed a Stourbridge conveyancing solicitor for our home move (novice purchasers) and have noticed in the engagement letter that they are not covered by the Financial Conduct Authority. Should I be worried or is that usually the case with lawyer?
We can't see why they should be. Most conveyancer don't lend money. They will be governed by the SRA, who have stringent obligations in relation to amounts sitting by them.