My wife and I are purchasing residence in Eastney and Southsea. My Conveyancer is not listed on the lender approved list. Can I still use my Eastney and Southsea conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel of approved conveyancing solicitors?
You have numerous options open to you here
- Carry on with your existing Eastney and Southsea conveyancer but your mortgage company will no doubt appoint a property lawyer from their approved list. The net result is additional cost together with likely interruption.
- Get a new solicitor to conduct the conveyancing, making sure they are on the mortgage company conveyancing panel.
- Convince your property lawyer to pull out all the stops to get listed on the bank’s conveyancing panel
Due to move into my new home in Eastney and Southsea next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not unique to conveyancing in Eastney and Southsea.
It is a dozen years since I bought my property in Eastney and Southsea. Conveyancing lawyers have just been retained on the sale but I am unable to find the deeds. Is this a problem?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by the mortgage company or they may stored with the solicitor who oversaw your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Eastney and Southsea relates to registered property but in the unlikely event that your home is not registered it is more of a problem but is resolvable.
I decided to have a survey carried out on a house in Eastney and Southsea in advance of instructing conveyancers. I have been told that there is a flying freehold element to the house. The surveyor has said that some lenders tend not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Eastney and Southsea. Conveyancing may be slightly more expensive based on your lender's requirements.
I have just appointed agents to market my basement flat in Eastney and Southsea. Conveyancing solicitors are to be appointed soon, however I have recently received a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as you normally would as all ground rent and service invoices will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Eastney and Southsea Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
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Please inform me if there are any major works in the near future that will likely increase the maintenance charges? How is the lease structured? The best form of lease arrangement is where the freehold title is owned by the leaseholders. In this scenario the lessees have control and although a managing agent is frequently employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
My conveyancers in Eastney and Southsea have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.