My aunt passed away 10 months ago and as sole heir and executor I was left the house in Bedale. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
If you plan to refinance then HSBC will insist on your using a conveyancer on the HSBC 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 HSBC 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 HSBC mortgage is registered as a charge at the Land Registry.
Will my solicitor be raising enquiries regarding flooding as part of the conveyancing in Bedale.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Bedale. There are those who acquire a house in Bedale, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or by their lawyers which should give them a better understanding of the risks in Bedale. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to determine whether the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the owner, then a buyer could bring a legal claim for losses as a result of such an inaccurate response. The purchaser’s lawyers should also order an environmental report. This will higlight whether there is any known flood risk. If so, further investigations should be initiated.
I opted to have a survey carried out on a property in Bedale in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some lenders will not grant a loan on this type of house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bedale. Conveyancing will be smoother if you use a solicitor in Bedale especially if they are familiar with such properties in Bedale.
We're FTB’s - had an offer accepted, yet the agent informed us that the seller will only issue a contract if we use their chosen solicitors as they want a ‘quick sale’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Bedale
It is highly unlikely the vendors are driving this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Contact the sellers directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to use your preferred Bedale conveyancing solicitors - not the ones that will give their negotiator at the agency a introducer fee or meet his conveyancing targets pre-set by senior management.
Are there frequently found deficiencies that you see in leases for Bedale properties?
There is nothing unique about leasehold conveyancing in Bedale. All leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I bought a ground floor flat in Bedale, conveyancing was carried out in 2007. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bedale with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2076
With only 52 years left to run we estimate the price of your lease extension to span between £29,500 and £34,000 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 comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.