Is there a reason why leasehold purchase conveyancing in Portishead costs more?
Portishead leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am buying a property in Portishead. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is RBS your lawyer must comply with the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancers are required to report to RBS where a lease does not satisfy these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Portishead.
I have decided to exercise my right to buy my property in Portishead off the council. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Portishead building society branch on various occasions and was told they are content with the situation and they would lend. My Portishead conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the solicitor is on the bank approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
What can a local search inform me concerning the property my wife and I buying in Portishead?
Portishead conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for instance Searchflow The local search plays a central role in many a Portishead conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
How does conveyancing in Portishead differ for new build properties?
Most buyers of new build residence in Portishead contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because builders in Portishead typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Portishead or who has acted in the same development.
My husband and I are novice buyers - had an offer accepted, but the property agent told us that the seller will only issue a contract if we appoint the agent's preferred lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local solicitor with experience of conveyancing in Portishead
We suspect that the owner is not behind this ultimatum. Should the vendor want ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and explain that (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to instruct your preferred Portishead conveyancing solicitors - rather thanthe ones that will give the estate agent a kickback or hit his conveyancing targets pre-set by HQ.
My wife and I accepted an offer on a Portishead apartment left to us 8 years ago in 2012. I have over ten years conveyancing knowledge and, now retired, intend to undertake my own legal work. The purchaser's property lawyer has informed me that their Lenders will not allow us to do our own conveyancing mandating that the funds to be passed via a solicitor's bank account.
Lending instructions to solicitors from all CML members specify that If the vendor is not legally represented the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether or not they are willing to move forward.