My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Tufnell Park. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Lloyds will insist on your using a conveyancer on the Lloyds 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 Lloyds 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 Lloyds mortgage is registered as a charge at the Land Registry.
We are purchasing a house and the conveyancer has identified Chancel Repair to which the property may be obligated to pay as it falls into the area of such a church. She has mentioned insurance. Is this strictly required for conveyancing in Tufnell Park
Unless a prior purchase of the property completed post 12 October 2013 you can take it that solicitors conducting conveyancing in Tufnell Park to continue to advocate a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to my property are lost. The lawyers who dealt with the conveyancing in Tufnell Park 10 years ago have long since closed. Will I be able to sell the house?
As long as you have a registered title the details of your proprietorship will be evidenced by HMLR under a Title Number. It is possible to perform a search at the Land Registry, identify your property and secure up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Tufnell Park I like with a park and transport links nearby, however it's only got 51 years unexpired on the lease. There is not much else in Tufnell Park for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
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At this site secure an accurate costs illustration from a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Tufnell Park. As opposed to estate agents and many comparison sites we do not charge firms a commission if you instruct them for your conveyancing in Tufnell Park
Do you have any top tips for leasehold conveyancing in Tufnell Park from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Tufnell Park can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ lawyers. Many landlords or Management Companies in Tufnell Park charge for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Tufnell Park. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property 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 will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved. If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a new share certificate can be a lengthy process and frustrates many a Tufnell Park conveyancing transaction. Where a new share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later. You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I am the leaseholder of a first flat in Tufnell Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Absolutely. We can put you in touch with a Tufnell Park conveyancing firm who can help.
An example of a Lease Extension case for a Tufnell Park property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired term as at the valuation date was 64.77 years.