My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Wick. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Coventry BS will insist on your using 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.
My wife and I buying a terrace house in Wick. Our aim is to an extension at the rear at the house.Will legal due diligence on the property involve checks to determine if these works are allowed?
Your property lawyer will review the registered title as conveyancing in Wick can sometimes reveal restrictions in the title deeds which prohibit categories of changes or need the permission of a 3rd party. Many extensions need local authority planning permissions and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
We previously selected solicitors locally in Wick on the TSB solicitor panel. They have just invoiced me an additional amount for handling the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Provided it is contained in their Terms of Engagement or estimate then yes your lawyer may charge a fee for this. This charge is not set by TSB but by your Wick solicitor. Plenty of firms on the TSB panel will charge an ‘acting for lender’ fee and others do not.
I was told three weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Wick is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Wick?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Wick. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Wick I like with a park and station nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Wick for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Am I better off to go with a Wick conveyancing practitioner based in the vicinity that I am buying? I have an old university friend who can handle the conveyancing however they are based 200kilometers away.
The primary upside of using a local Wick conveyancing firm is that you can pop in to execute paperwork, present your identification documents and pester them if necessary. Having local Wick know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were impressed that must surpass using an unfamiliar Wick conveyancing lawyer solely due to them being round the corner.
Can you offer any advice when it comes to choosing a Wick conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Wick conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Wick conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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If they are not ALEP accredited then why not?
Wick Leasehold Conveyancing - Examples of Queries Prior to buying
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It is important to be aware if a new roof is being installed or some other major work is pending to be shared by the tenants and will dramatically increase the the service costs or necessitate a one time invoice. Make sure you investigate if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in in a block in Wick. If you love the propertyin Wick however your cat is not allowed to make the move with you then you will be faced difficult choice. You should be aware that where the lease has fewer than eighty years it will affect the value of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth discovering what this will be. For most Wicklease extensions you would be required to have been the owner of the premises for 24 months before you are entitled to exercise a lease extension.