How do I take a name of a mortgage?

 

Question example: your Son wants to take his sisters name of a joint mortgage. How would I go about this and how much might the average solicitor charge. 

The answer to this is the person who wants to stay on the mortgage account must approach the current lender to get consent for the name to be removed. Sometimes a fact find will be carried out by the lender and the proposed remaining applicant will need to supply income documents and bank statements to prove to the lender that they can afford to service the mortgage on their own , meets current lending criteria and affordability under the current regulation if the property is where the person lives . 

If this is successful and the mortgage lender agrees the person can be removed from the mortgage account consent to transfer will be issued to the solicitor chosen by the applicant. The consent would contain legal requirements set by the lender as conditions that need to be satisfied by the chosen solicitor to enable the transaction to complete and name to be removed. 

Legal fees for this type of transaction are usually in the range of £250 to £350 range plus vat, if the lender required any additional things to be carried out like searches or land registry cost will be added as a disbursement to the quote. 

We would be able to provide a fixed fee quotation if you are able to contact us so that we may take full details for your case , please click on the logo to get the quote.

 

Home buyers report

Home buyers report

If you are buying a property and it is not a new build and covered by a builders guarantee, they can be worthwhile to uncover issues that will cost a sizeable amount of money in the future.

There are different levels of surveys you can buy; most people will choose a survey based on the perceivable condition of the property. Even though some of the surveys can be expensive measured against future possible expenses that can occur.

RICS condition report, this will describe the current condition of the property, and it will identify risks for potential legal issues and any urgent defects. No advice is given on the survey and is one of the cheapest reports costing around £250.

RICS HomeBuyer Report

A homebuyers report, this is usually good for conventional properties in half decent condition , the average cost is around £350 to £400, This survey will highlight problems that are structural , this includes Damp issues and subsidence , other issues like woodworm can be identified also.

The report does not look beyond the walls or underneath the floorboards, it will also in some circumstances offer a property valuation. If and when any Major issues identified E.G damp, it is possible to get a specific Damp report carried out by a professional, the cost of works can be identified by this specific report and you can then negotiate with the seller who will cover this indentified cost.

RICS Building Survey

The RICS Building Survey provides the same level of in-depth inspection as a building survey, but uses a simple a clear presentation style and a 1, 2, 3 rating system to ensure that you can easily identify the most serious issues. . This is mainly aimed at larger or older properties, or if you’re planning major works.

A detailed report provides you with an in-depth analysis of the property’s condition highlighting a range of issues which includes advice on defects, repairs and maintenance options. Included with the RICS Building Survey are advice sheets on how to deal with some of the more common problems that have been found at the property including an outline of repair options and the consequences of not dealing with any potential issues highlighted within the report.

The typical cost is around £400-£500.

Building or Full structural survey

The most comprehensive survey and can be used for all residential properties. It is often very good for older homes that might need repairs. Cost for this survey are anywhere from £600 upwards and will provide details advice on repairs. The report is very detailed but in most circumstances will not provide a value for the property , so when buying a property you will need to also order a valuation report often this is done as part of a mortgage application and unless you are a cash buyer will not need to order one directly yourself.

What to do if your survey uncovers problems

A surveyor’s report nearly always finds some issues, especially with older homes.

You can go with them when the survey is carried out and ask questions about things that concern you.

This is about your future home, so don’t be afraid to speak up.

The most common things you’ll have to investigate after a survey include:

• Electrical installation
• Problems with the roof
• Central heating system
• Damp and timber issues
• Complications which will need a structural engineer

What to do next:

• Find out whether any problems, such as a poor damp-proof course, are still covered by a guarantee
• Ask the surveyor to give you an idea of how costly it will be to sort out any problems
• For more major works, ask a builder to give you a quote
• Use these estimates to try to renegotiate the price or ask the seller to fix the issues before you complete the sale

Remember it’s not just about cost but also the amount of upheaval that repair work will cause.

If it all seems too much, you can walk away as you’re not committed yet.

                                           

 

 

HM Land Registry

 

 

 

 

 

 

 

 

 

 

 

HM land registery , registers the ownership of property , it is one of the biggest property data bases in Europe , when the UK had a property boom in 2007 , an average of 1 million pounds sterling worth was input onto the Land registery data base every minute .

The Land registry like other registers for property in other countries , HM Land registry has a gaurantee of title to registered estates and interests in Land . It records the ownership rights of freehold properties and also leashold properties where the lease has granted for a term exceeding 7 years. 

The accepted definition of land , can include the buildings situated upon the land , particularly where parts of buildings at different levels ( such as multi storey flats ) are in different ownership . It is also possible to register the ownership of the mines and minerals which lie within the land , Aslo airspace above the property where this is in seperate ownership. 

Up to April 2020 , HM Land registry received no goverment funding, as its income was expected to cover its expenditure using registration and search fees. Property owners whose property is not registered can apply on a volantary basis for registration . As of March 2016 when the last count was done, they had 24.5 millions registered titles that covered 88% of the land mass of England and Wales.

If a property is registered under the Land Registration act 2002 this will affords property owners some protection against squaters as well as avoiding the need to produce old documents each time a property changes hands. Benefits of Land registration Registration establishes proof of ownership and produces an easy - to - read document reflecting the contents of all paper title deeds. This makes it easier for transactions when buying or selling and makes the whole process much more cost effective . Registering a property is the safest way to secure ownership of land and property , as this is state backed registration you get greater security of title, you are providing you with better protection from adverse claims for possession .