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 . 

 

 

 

A TO Z

A is for the county of Avon and Acre

The acre is a unit of land area used in the imperial and US customary systems. It is traditionally defined as the area of one chain by one furlong (66 by 660 feet), which is exactly equal to 10 square chains, ​¹⁄₆₄₀ of a square mile, or 43,560 square feet, and approximately 4,047 m², or about 40% of a hectare. Based upon the International yard and pound agreement of 1959, an acre may be declared as exactly 4,046.8564224 square metres. One recognised symbol for the acre is ac,^[1] but the word "acre" is also used as the symbol

B Bedfordshire, Berkshire, Brighton and Hove, Bristol and Buckinghamshire

The word building is both a noun and a verb: the structure itself and the act of making it. As a noun, a building is 'a structure that has a roof and walls and stands more or less permanently in one place';^[1] "there was a three-storey building on the corner"; "it was an imposing edifice". In the broadest interpretation a fence or wall is a building.^[2] However, the word structure is used more broadly than building including natural and man-made formations^[3] and does not necessarily have walls. Structure is more likely to be used for a fence. Sturgis' Dictionary included that "[building] differs from architecture in excluding all idea of artistic treatment; and it differs from construction in the idea of excluding scientific or highly skilful treatment."^[4] As a verb, building is the act of construction.
Structural height in technical usage is the height to the highest architectural detail on building from street-level. Depending on how they are classified, spires and masts may or may not be included in this height. Spires and masts used as antennas are not generally included. The definition of a low-rise vs. a high-rise building is a matter of debate, but generally three storeys or less is considered low-rise.^[5]
C is for Cambridgeshire , Cheshire, Cleveland, Cornawll, Cumberland, Cumbria
Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien.^[1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each party be signed by the other party only — hence contracts are "exchanged". This rule enables contracts to be "exchanged" by mail. Both copies of the contract of sale become binding only after each party is in possession of a copy of the contract signed by the other party—i.e., the exchange is said to be "complete". An exchange by electronic means is generally insufficient for an exchange, unless the laws of the jurisdiction expressly validate such signatures.
It is the responsibility of the buyer of real property to ensure that he or she obtains a good and marketable title to the land—i.e., that the seller is the owner, has the right to sell the property, and there is no factor which would impede a mortgage or re-sale. Some jurisdictions have legislated some protections for the buyer, besides the ability for the buyer to do searches relating to the property.
A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase. Many jurisdictions have adopted a system of land registration to facilitate conveyancing and encourage reliance on public records and assure purchasers of land that they are taking good title
D is for Derbyshire, Devon and Dorset

Development of real estate

 is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. Real estate developers are the people and companies who coordinate all of these activities, converting ideas from paper to real property.^[1] Real estate development is different from construction, although many developers also manage the construction process.
Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control, and orchestrate the process of development from the beginning to end.^[2] Developers usually take the greatest risk in the creation or renovation of real estate—and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it.^[1]
Sometimes property developers will only undertake part of the process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer that is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately.
Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In the Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990

E is for East Sussex, Essex and East Suffolk

EPC Energy performance certificate

An Energy Performance Certificate (EPC) provides potential buyers and tenants with an indication of the energy efficiency of a property. The certificate will contain information about the property's typical energy costs and will recommend ways to reduce energy use to make the property more energy efficient.

G is for Gloucestershire, Greater London, Greater Manchester

Ground survey

Ground surveys are a preliminary first step in gathering critical information that can be used in developing a pipeline proposal. ... Ground surveys are performed in areas where new pipeline facilities are being considered. In some cases, these surveys are conducted adjacent to existing pipeline corridors.

H is for Hampshire , Hereford and Worcester, Herefordshire, Hertfordshire, Humberside, Huntingdon and Peterborough, Huntingdonshire.

House 1 : a building that serves as living quarters for one or a few families : home invited them to her house for dinner a two-family house. 2a(1) : a shelter or refuge (such as a nest or den) of a wild animal.

I is for Isle of Ely, Isle of wight

Identity certified

What identification can I use? The certification process: A 'certified copy' is a copy of an original document such as a birth certificate, marriage certificate or proof of identity that has been authorised (or stamped) as bein