My grandfather passed away last year and as sole heir and executor I was left the property in Toton. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this possible?
If you intend to refinance then TSB will require that you use a conveyancer on the TSB 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 TSB 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 TSB mortgage is registered as a charge at the Land Registry.
I purchased my home on 1 April and the transaction details is yet to be registered. Need I be worried? My conveyancing solicitor in Toton advises it should be concluded in a couple of weeks. Are titles in Toton uniquely lengthy to register?
There is nothing unique about conveyancing in Toton registration formalities. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any interested parties. As of today roughly 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted hold-ups. Registration occurs after the purchaser is living at the premises thus 'speed' is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Toton differ for new build properties?
Most buyers of new build or newly converted property in Toton contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Toton tend to purchase the land, 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 accustomed to new build conveyancing in Toton or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Toton I like with open areas and railway links in the vicinity, however it's only got 49 years unexpired on the lease. There is not much else in Toton for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I am on look out for some leasehold conveyancing in Toton. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Toton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Toton Leasehold Conveyancing - A selection of Queries before Purchasing
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What is the length of the lease? The prefered form of lease structure is a share of the freehold. In this situation the lessees benefit from control and notwithstanding that a managing agent is often retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. How much is the yearly service fee and ground rent?
We are in the process of buying a house in Toton. Could the solicitor have the amount we are are purchasing for private from the likes of Nestoria. what can I do to ensure this is not revealed?
HMLR as a matter of law bound to specify price paid information on the official title for residential properties countrywide which includes homes in Toton. The register of ownership is an open document, so HMLR would be breaking the law excluded certain homes such as your property in Toton.
You can make a request of the Land Registry to hide the amount paid entry but the response will be in the negative.