My uncle passed away 10 months ago and as sole heir and executor I was left the property in Newmarket. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Kent Reliance, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Kent Reliance will insist on your using a conveyancer on the Kent Reliance 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 Kent Reliance 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 Kent Reliance mortgage is registered as a charge at the Land Registry.
We are getting a further advance on our mortgage from Virgin Money as we intend to conduct renovations to our property in Newmarket. Are we obliged to choose a nearby Newmarket solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money do not ordinarily instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
Last month we had a mortgage agreed in principle with Coventry BS. Newmarket conveyancing lawyers have been instructed. How long does it take for Coventry BS to send the offer to the solicitor?
Some lenders take longer than others. Have Coventry BS done the valuation? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Santander have agreed my mortgage in principle, my bid on a property in Newmarket has been accepted, what happens next?
Your property agent will need to know who your solicitors are (make sure the conveyancers are on the lender’s approved list). Contact Santander or the broker and complete any relevant paperwork. Santander will appoint a valuer who will get in touch with the estate agent or owners to schedule a slot for the valuation to take place. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Santander will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Newmarket.
Should our solicitor be asking questions about flooding during the conveyancing in Newmarket.
The risk of flooding is if increasing concern for lawyers dealing with homes in Newmarket. There are those who acquire a house in Newmarket, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Newmarket. The standard completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the seller to discover if the property has historically flooded. If the premises has been flooded in past and is not disclosed by the owner, then a buyer may commence a legal claim for losses stemming from an misleading response. A purchaser’s solicitors may also carry out an environmental report. This will higlight whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
How does conveyancing in Newmarket differ for new build properties?
Most buyers of new build residence in Newmarket contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Newmarket typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newmarket or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one close by in Newmarket I like with open areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Newmarket for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will likely be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
There are a number of houses in Newmarket on private roads. I am buying such a property. What would be the advantages and disadvantages of purchasing a house on a privately owned road?
Newmarket conveyancing practices will be well versed in transacting houseson private. Your lawyer will review the Land Registry data to find any rights or responsibilities. It is possible that there is a management company (wholly owned by residents) that owners pay into to maintain the road. If one exists, the road will likely be maintained and appear better than council adopted.