My uncle passed away 10 months ago and as sole heir and executor I was left the house in Preston Park. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
If you plan to refinance then Principality will require that you use a conveyancer on the Principality 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 Principality 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 Principality mortgage is registered as a charge at the Land Registry.
I require quick conveyancing in Preston Park as I am faced with an ultimatum to complete in less than one month. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
As you are not getting a mortgage you are at free not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Preston Park the following are instances of issues that can arise and adversely impact the marketability of the property: Enforcement Notices, Overdue Fees, Outstanding Grants, Unadopted Roads,...
How does conveyancing in Preston Park differ for new build properties?
Most buyers of new build property in Preston Park contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Preston Park tend to buy the site, 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 conveyancers 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 Preston Park or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Preston Park is the location of the property. Can you shed any light on this issue?
Flying freeholds in Preston Park are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Preston Park you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Preston Park may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Taking into account that I am about to spend hundreds of thousands of pounds on a property in Preston Park I wish to talk to a lawyer regarding thehouse move ahead of appointing the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you first talking to the conveyancer who will be doing your property ownership legalities in Preston Park.There is no ‘factory style conveyancing’ - every client is unique person, not a file reference. The practices that we put you in touch with believe that the fees you are quoted for residential conveyancing in Preston Park should be the amount on the final invoice that you are charged.
Last April I purchased a leasehold property in Preston Park. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Preston Park - Examples of Questions you should ask Prior to buying
-
The majority of Preston Park leasehold apartments will have a service charge for the upkeep of the building levied on behalf of the landlord. Should you acquire the property you will have to meet this amount, normally periodically during the year. This may differ from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent for you to pay annual, this is usually not a exorbitant figure, say around £25-£75 but you should to check as occasionally it can be many hundreds of pounds. Is the freehold owned jointly by the tenants? How long is the Lease?