I can't travel far from Portland. I would like to know the reason why all Portland conveyancers aren't automatically on all mortgage company panels?
Before the recession most mortgage companies demonstrated an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into mortgage fraud which concluded: know the solicitors on your panel. Consequently, banks have subsequently requiredmore information from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the mortgage companies set.
This question may be naive but I am wet behind the ears as FTB of a garden flat in Portland. Do I collect the keys to the property on completion from my lawyer? If this is the case, I will appoint a local conveyancing solicitor in Portland?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s solicitors, and once they have received this, you will be called to pick up the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
Are all Portland Conveyancing Quality Solicitors on the Nationwide conveyancing list of approved solicitors?
A selection of banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
We had instructed conveyancing lawyers locally in Portland on the Aldermore solicitor panel. They are now charging me a separate sum for the legal aspects of the Aldermore mortgage. Is this a supplemental conveyancing fee specified by Aldermore?
Provided it is contained in their Terms of Engagement or estimate then yes your lawyer can charge a fee for this. The fee is not dictated by Aldermore but by your Portland conveyancer. Numerous firms on the Aldermore panel will levy ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
It has been 3 months following my purchase conveyancing in Portland concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm converting the mortgage on my existing home to a BTL mortgage with Bank of Scotland and I will use the rest of the raised equity towards a second house. The neighborhood we are interested in is Portland. Will your conveyancers be able to act for the two lenders and link together the two deals?
Do use our comparison tool on this page to ensure that the lawyers are on the appropriate lender panels. Having checked that they are the conveyancer will be able to connect the two transactions but you should talk with you conveyancer and make clear your expectations and needs.
I am looking at a couple of maisonettes in Portland both have in the region of fifty years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Portland is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Portland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Portland - Sample of Questions you should consider Prior to Purchasing
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Most Portland leasehold apartments will have a service charge for maintenance of the block levied on behalf of the freeholder. Where you purchase the apartment you will have to pay this liability, normally quarterly accross the year. This could differ from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent for you to pay annual, normally this is not a large amount, say approximately £25-£75 but you need to check as on occasion it can be many hundreds of pounds. What restrictions are contained in the Portland Lease? The answer will be helpful as a) areas may cause problems for the block as the common areas may start to deteriorate where maintenance remain unpaid b) if the leasehold owners have an issue with the running of the building you will wish to know about it
Why do Portland conveyancing charges are higher for leasehold and freehold properties?
If buying a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control