My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Ivybridge. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Where you plan to refinance then Bank of Ireland will insist on your using 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Ivybridge
There are two types of lawyers who can execute conveyancing in Ivybridge namely licenced conveyancers or solicitors. The two can administer conveyancing services that you need to complete the sale or acquisition of property. Both are obliged to handle Ivybridge conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be professionally conducted and that the requisite procedures should be appropriately attended to.
A colleague informed me that in buying a property in Ivybridge there could be a number of restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Ivybridge which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Ivybridge should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Ivybridge solicitor - who is on the Clydesdale conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ivybridge surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Just had an offer accepted on a new build apartment in Ivybridge. 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 are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Ivybridge
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am looking for a flat up to £235,500 and identified one near me in Ivybridge I like with amenity areas and railway links nearby, however it only has 51 remaining years left on the lease. There is not much else in Ivybridge suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am looking at a couple of apartments in Ivybridge which have in the region of forty five years left on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
Ivybridge Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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The answer will be important as a) areas can cause problems for the building as the common areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the running of the building you will need to have all the details Does the lease have more than 85 years left? Best to be warned if redecorating or some other major work is coming up to be shared between the leasehold owners and will materially increase the the service costs or necessitate a one off payment.
At what stage do I incur stamp duty payable for my purchase in Ivybridge?
The majority of solicitors tend to fill out a Land Transaction Return Form on your behalf during your Ivybridge purchase transaction for signature. After completion your lawyer will submit your Land Transaction Return Form to the Tax Authorities and - assuming they have the funds - pay any Stamp Duty liability on your behalf.