My grandmother passed away last year and as sole heir and executor I was left the property in Wells. 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 , pay off the mortgage. Is this possible?
Where you plan to re-mortgage then will require that you use 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.
How does conveyancing in Wells differ for newly converted properties?
Most buyers of new build property in Wells contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Wells tend to buy 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 property lawyers 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 Wells or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Wells I like with a park and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Wells for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I'm refinancing my primary home to a BTL mortgage with and I will use the ballance of the raised equity towards further house. The location we are looking at is Wells. Will your lawyers be able to act for both sets of banks and tie in the conveyances?
Do use our search tool on this site to check that the solicitors are on the relevant lender panels. On the basis that they are the conveyancer should be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and specify your desired outcome and requirements.
What is the distinction between surveying and conveyancing in Wells?
Conveyancing - in Wells or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re purchasing and will help you discover the condition of the building and, if there are problems, give you a powerful reason for reducing the price down or asking the seller to fix the problems prior to you move in.