Seeking advice on Transfer of Mortgage after demise

sunil1104

My wife who passed away in Nov '21 due to illness owned a 2-bedroom flat which has a mortgage amounting to 50K. We lived in the same semi detached house on the ground floor while the mortgaged first floor flat has been let out. She has left a final Will where she has made me the executor for the properties. The lender has been informed of the situation. I was on and off employment but have just secured a full time job if that is of any concern related to this query about the mortgage transfer.
I would like to understand the sequence to finally get the transfer of mortgage done. Do I need to have a probate in place first and then approach a conveyancer for transfer of title before executing the transfer of the mortgage?

Also I plan to pay off a lump sum to reduce the mortgage amount to around 30K and then make a repayment mortgage with a 3 year term. Is it better to look out to re-mortgage with a different lender during this time?
Finally, are there service providers who can help with all the above actions as a single point of contact and are they any lighter on the pockets? 
Thanks for your suggestions and advice in advance. 

MovingForwards

Sorry for your loss.
You mention 'transferring' the mortgage.  Can you confirm you were both named on the mortgage or was it just in your late wife's name? 

sunil1104

Thank you.
Only my wife is named in the mortgage.

MovingForwards

Probate will need to be obtained, including valuations for the properties and all other sole assets.
You will have to apply, and be granted, a mortgage as you're not named on it.
The rest of the conveyancing process is the same as anyone buying a property.

Ideally you will do the probate application yourself.
Use a fee free broker to deal with the mortgage side. Some lenders pay towards legal costs.
Then you'll need a lawyer / conveyancer to do the conveyancing. 

The broker may be able to recommend a lawyer or the other way round. 

Also, as you're indicating both are flats, you'll possibly need to pay stamp duty due to owning a second home.

None of it will be cheap and you're still looking at a few thousand pound for the costs; more if you have a lawyer doing the probate application and SDLY.

If the lower flat is in joint names, or just your late wife's, as it doesn't have a mortgage that can be transferred into your name.

All of this assumes you are the sole beneficiary and executor of her will.

sunil1104

Thank you for your valuable and timely advice.

Yes I am the sole beneficiary and executor of her Will. Would the valuation be initiated by the lender or should I be able to engage property surveyors to do it?
Also another clarification that I need is about the sequence of the mortgage application and conveyancing. It would appear that I should be able to engage a mortgage broker before the conveyancing? As both properties will need a change of Title therefore I plan to involve a single conveyancer to do it after the mortgage transfer as that would make it simpler.
Finally, is there a time limit as to when I should complete the title change?