My grandmother passed away six months ago and as sole heir and executor I was left the house in Wolverton. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Where you intend to refinance then Skipton will insist on your using a conveyancer on the Skipton 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 Skipton 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 Skipton mortgage is registered as a charge at the Land Registry.
I am buying my first flat in Wolverton with a loan from Barnsley Building Society. The builders refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not to tell my lawyer about the extras as it could jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £195,000 and identified one near me in Wolverton I like with open areas and station nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Wolverton for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
We're FTB’s - agreed a price, yet the estate agent informed us that the vendor will only move forward if we instruct the agent's preferred solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Wolverton
We suspect that the seller is not behind this ultimatum. If they require ‘a quick sale', turning down a serious buyer is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to instruct your preferred Wolverton conveyancing solicitors - not the ones that will give their estate agent a introducer fee or hit his conveyancing figures set by head office.
I am tempted by the attractive purchase price for a two flats in Wolverton which have in the region of 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Wolverton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive 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 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 Wolverton 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.
I invested in buying a basement flat in Wolverton, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Wolverton with an extended lease are worth £190,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2082
With only 62 years remaining on your lease the likely cost is going to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I’m about to sell my ground floor apartment in Wolverton.Conveyancing is yet to be initiated however I have just received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual because all rents and maintenance invoices should be allottedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process