My grandmother passed away last year and as sole heir and executor I was left the property in Fenstanton. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this possible?
If you plan to refinance then Bank of Ireland will require that you use a conveyancer on the Bank of Ireland 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 Bank of Ireland 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 Bank of Ireland mortgage is registered as a charge at the Land Registry.
Just had an offer accepted on a new build apartment in Fenstanton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fenstanton
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I opted to have a survey carried out on a property in Fenstanton ahead of instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some banks tend refuse to give a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fenstanton. Conveyancing may be slightly more expensive based on your lender's requirements.
As co-executor for the will of my grandfather I am disposing of a property in Neath but I am based in Fenstanton. My solicitor (who is 300 kilometers awayhas requested that I sign a stat dec before completion. Could you suggest a conveyancing lawyer in Fenstanton to witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are Fenstanton based
I am looking at a couple of apartments in Fenstanton which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Fenstanton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Fenstanton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Fenstanton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Its a good idea to discover as much as you can regarding the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the tidiness of the communal areas. Ask prospective neighbours if they are happy with their service. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds. Does this lease have in excess of 82 years remaining? Please note if it is fewer than 80 years it will affect the value of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for 24 months before you are legally able to extend the lease.
Builders have put forward a conveyancer and I've obtained a quote from them. They are nearly £300 cheaper than my local Fenstanton lawyer. What's the catch?
Developers often have lists of conveyancing practitioners who are quick and who know the builder's contract and conveyancer. As many developers offer an incentive to use their approved conveyancer for this reason, any increased cost can be avoided and a developer won't recommend a conveyancing warehouse and run the risk of having the conveyancing delayed when they require an exchange in 28 days. A counter-argument for not agreeing to use the suggested solicitor is that they may be unwilling to 'push' your interests at the risk of upsetting the developer. If you worry that this may be the situation you should stick with your high street Fenstanton conveyancing practitioner.