My grandmother passed away six months ago and as sole heir and executor I was left the house in Wigton. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
Given you plan to refinance then HSBC will require that you use 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.
I just bought a property at auction in Wigton. Conveyancing is required. What is next?
Having legally committed yourself to purchase you should instruct a conveyancing lawyer soon as you are facing a tight deadline in which to complete the property. Every auction property should have a corresponding auction set of papers. This will likely include most,if not all of the paperwork that your solicitor requires. In the case of leasehold premises the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You should pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
We have a mortgage agreed in principle with Kent Reliance. Wigton conveyancing practitioners have been chosen. How long does it take for Kent Reliance to issue the offer to the conveyancer?
Some lenders take longer than others. Have Kent Reliance conducted the survey? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my house. I had a double glazing fitted in August 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Skipton are being a right pain. The Wigton solicitor who is on the Skipton conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I require quick conveyancing in Wigton as I am under an ultimatum to complete inside 4 weeks. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a cash buyer you have the choice not to have searches conducted although no solicitor would recommend that you don't. With plenty of history conveyancing in Wigton the following are instances of what can show up and adversely affect market value: Enforcement Notices, Outstanding Charges, Overdue Grants, Unadopted Roads,...
I have been on the look out for a ground for flat up to £305k and found one round the corner in Wigton I like with open areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Wigton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I am looking at a two apartments in Wigton both have in the region of 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Wigton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with less than 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 premises 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 a property 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 Wigton 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 the agreed 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.
Wigton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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Plenty Wigton leasehold flats will incur a service charge for the upkeep of the building set on behalf of the landlord. Should you purchase the flat you will have to pay this liability, usually periodically accross the year. This could be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a ground rent to be met yearly, this is usually not a significant figure, say around £25-£75 but you should to check as on occasion it can be many hundreds of pounds. Does the lease include onerous restrictions? What is the length of the lease?
I have miscalculated my finances and am a few grand short a 10% deposit on my apartment purchase in Wigton , but I am anxious exchange. Do I have options?
One option is to try and accept a smaller deposit. Many sellers will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second