My grandfather passed away six months ago and as sole heir and executor I was left the property in Stafford. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to , pay off the mortgage. Is this possible?
Given you plan to refinance then will insist on your using a conveyancer on the 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 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 mortgage is registered as a charge at the Land Registry.
A colleague recommended that if I am buying in Stafford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Stafford conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Stafford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Stafford Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Stafford Education with maps and statistics, Local Amenities and other useful data concerning Stafford.
Me and my brother have a semi-detached Georgian house in Stafford. Conveyancing lawyer represented me and . I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stafford and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing practitioner who carried out the work.
Having checked my lease I have discovered that there are only 72 years remaining on my flat in Stafford. I now want to get lease extension but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the landlord. For most situations a specialist should be helpful to carry out a search and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Stafford.
I purchased a basement flat in Stafford, conveyancing formalities finalised 1995. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Stafford with a long lease are worth £165,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 50
With just 50 years unexpired we estimate the premium for your lease extension to span between £36,100 and £41,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
My step-son is just in the process of moving home, he had his mortgage in principle. When the seller agreed the offer on the apartment we contacted the mortgage institution to go forward with his. I was disappointed to learn that mortgage companies do not accept all , they need to be on their approved list, is this correct?
Banks normally imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Stafford on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.