I am nearing exchange of contracts for my ground floor flat in Fratton and Portsea and the EA has just e-mailed to say that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a major lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Fratton and Portsea ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
Do lawyers request money up-front when it comes to conveyancing in Fratton and Portsea?
Where you are retaining lawyers for conveyancing in Fratton and Portsea your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the total price then this should be needed immediately prior to contracts are exchanged. The final balance that is due should be transferred shortly before completion.
I am buying a property and need a conveyancing solicitor in Fratton and Portsea who is on the Britannia approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Britannia in certain locations such as Fratton and Portsea. We dont recommend any particular firm.
Just acquired a terraced house in Fratton and Portsea , What is the estimated time for the Land Registry to register my ownership? My Fratton and Portsea conveyancing solicitor works at snail pace, so I want to be sure the registration is concluded.
As far as conveyancing in Fratton and Portsea registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can vary according to the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd persons or bodies. As of today roughly three quarters of submission are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Historically registration takes place after the purchaser is living at the property therefore post completion formalities is not typically primary concern but where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing a new build house in Fratton and Portsea with the aid of help to buy. The sellers refused to budge the price so I negotiated 6k of extras instead. The house builders rep told me not to tell my solicitor about the deal as it could impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am attracted to a two maisonettes in Fratton and Portsea both have in the region of fifty years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Fratton and Portsea - A selection of Questions you should consider Prior to buying
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How is the lease structured? Does the lease have onerous restrictions?