My grandmother passed away last year and as sole heir and executor I was left the house in Repton. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this possible?
Given you intend 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 happen to be the sole recipient of my late mum's estate and I have everything in my name now, including the my former home in Repton. Conveyancing formalities meant that the Land Registry date was in September. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in September. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view banks take of it, depend on the mortgage company as this clause chiefly exists to pick up on the purchase and immediately sell or the flipping of properties.
We have agreed to purchase a house in Repton. One unusual aspect is that the roof has a solar panel. Nationwide have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Nationwide your lawyer must comply with the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook includes minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Nationwide where a lease does not meet these provisions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Repton.
Nationwide have agreed my home loan in principle, my offer on a property in Repton has been agreed to, now what?
Your estate agent will wish to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Contact Nationwide or the financial adviser and complete any relevant forms. Nationwide will instruct a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Nationwide will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Repton.
How does conveyancing in Repton differ for new build properties?
Most buyers of new build or newly converted property in Repton come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Repton tend to acquire the real estate, 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 accustomed to new build conveyancing in Repton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Repton is where the house is located. Is there any guidance you can give?
Flying freeholds in Repton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Repton you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Repton may decide 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.
Do I need to be suspicious by third parties that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Repton conveyancing firm?
As is the case with many professional services, often recommendations from connections can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing matter; estate agents, financial adviser and banks might all put forward lawyers to appoint. Sometimes these lawyers might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the recommendation. You have the discretion to choose your preferred conveyancer. However, bear in mind that many banks have an approved list of solicitors you have to use for the mortgage related work in your conveyancing.