{"id":390,"date":"2015-04-29T10:43:46","date_gmt":"2015-04-29T09:43:46","guid":{"rendered":"http:\/\/www.tayloremmet.co.uk\/blogs\/?p=390"},"modified":"2015-04-29T10:43:46","modified_gmt":"2015-04-29T09:43:46","slug":"ask-ross-third-parties-what-do-you-need-to-consider","status":"publish","type":"post","link":"https:\/\/www.tayloremmet.co.uk\/blogs\/ask-ross-third-parties-what-do-you-need-to-consider\/","title":{"rendered":"Ask Ross: Third parties &#8211; what do you need to consider?"},"content":{"rendered":"<p><strong>ASK ROSS: There\u2019s always a third party to consider when you have a mortgage on your property. This month Ross looks at some of the situations when your bank will want a say&#8230;<\/strong><\/p>\n<p><strong>\u00a0<\/strong><em>Our eminent residential property expert, Ross Ward, answers your questions about moving home. If you have a query about buying or selling, email marketing@tayloremmet.co.uk<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>The bank has asked my solicitor to provide a Certificate of Title. What is this?<\/strong><\/p>\n<p><strong>\u00a0<\/strong>A Certificate of Title is a report on the title deeds and other matters relating to your property. It is normally given to a bank before you are granted a loan if you are using your house as security.<\/p>\n<p>The certificate confirms who owns the property, that the title is adequate, good and marketable and there are no restrictions affecting its sale. It will also outline whether the property is leasehold or freehold and if there are any mortgages or charges registered against it.<\/p>\n<p>Your solicitor will carry out the usual searches with the Coal Authority, the local council and the Land Registry to make sure there is nothing affecting your property that should be reported to the bank. It is very unusual for money to be released against a house unless this certificate confirming all is well with your ownership has been received.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>I have just found out the person who owns the house I am buying has been declared bankrupt. Will this affect the sale?<\/strong><\/p>\n<p><strong>\u00a0<\/strong>Once someone is declared bankrupt, ownership of their property passes to the Trustee in Bankruptcy. After that has happened, you will need to deal with the trustee and not the original vendor.<\/p>\n<p>If you have already exchanged contracts, the trustee can be forced to complete the sale. However, under the Insolvency Act, the transaction can be stopped if, for example, the property is being sold for less than it is worth and there is a reason to suspect the vendor is trying to avoid paying creditors.<\/p>\n<p>Don\u2019t worry \u2013 this doesn\u2019t happen very often and, provided you are paying a proper market price, the trustee will normally continue with the sale.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>I own a terraced cottage in the middle of a row of three. I have a right of way around one of the end properties, which the owner has asked if I would relinquish. I rarely use it \u2013 what should I do? <\/strong><\/p>\n<p><strong>\u00a0<\/strong>Even if you do not use the right of way, you have to consider the saleability of your cottage. By surrendering it, are you adversely affecting the value?<\/p>\n<p>Consider consulting an estate agent or surveyor, because if your cottage will be worth less without the right of way, your neighbour should compensate you for this by agreeing a payment.<\/p>\n<p>If you do decide to sell and an acceptable figure is agreed with your neighbour, you should also ask that he covers your legal costs. Either your solicitor or your neighbour\u2019s solicitor will need to prepare a Deed of Release regarding the use of the right of way. Once all parties have signed it and you have received the agreed payment, the deed will be submitted to the Land Registry and your use of the footpath removed from its records.<\/p>\n<p>If you have a mortgage on your property, your lender will need to be party to the Deed of Release and you should seek consent to give up the right of access. Your lender will also want to consider whether you are devaluing your property, as it will obviously reduce its security.<\/p>\n<p>My advice would be to obtain a valuation without the right of way and send this to your lender when you seek formal consent to amend your deeds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASK ROSS: There\u2019s always a third party to consider when you have a mortgage on your property. This month Ross looks at some of the situations when your bank will want a say&#8230; \u00a0Our eminent residential property expert, Ross Ward, answers your questions about moving home. If you have a [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[327,348,351,355],"tags":[425,498,632,891,928,1042,1053,1253,1410,1415],"class_list":["post-390","post","type-post","status-publish","format-standard","hentry","category-ask-ross","category-moving-house","category-property","category-tayloremmet","tag-bankruptcy","tag-certificate-of-title","tag-deed-of-release","tag-insolvency-act","tag-land-registry","tag-mortgage","tag-moving-house","tag-right-of-way","tag-third-parties","tag-title-deeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ask Ross: Third parties - what do you need to consider? | Blogs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tayloremmet.co.uk\/blogs\/ask-ross-third-parties-what-do-you-need-to-consider\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ask Ross: Third parties - what do you need to consider? | Blogs\" \/>\n<meta property=\"og:description\" content=\"ASK ROSS: There\u2019s always a third party to consider when you have a mortgage on your property. 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