How up to date is your search tool for Portland conveyancing solicitors on the HSBC conveyancing panel? Do HSBC send you an updated list?
Portland conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the house in Portland. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the property in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view mortgage companies take of it, depend on the lender as this provision primarily exists to identify the purchase and immediately sell or the quick reselling of properties.
When it comes to lenders such as Coventry BS, do Portland conveyancing practitioners incur a fee to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Planning on purchasing a house in Portland. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Portland property lawyer is on the Nationwide conveyancing panel.
A friend suggested that if I am buying in Portland I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Portland conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Portland around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Portland Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Portland.
I am using a search engine for the term cheap conveyancing in Portland it shows results of numerous conveyancerslocally. How do I determine which is the right solicitor for the sale of my house?
The preferential way of seeking the right conveyancer is through a trusted testimonial, so ask friends and family who have purchased a property in Portland or a reputable estate agent or mortgage broker. Fees for conveyancing in Portland vary, so it's advisable to obtain at least three fee calculations from varying types of solicitors. Dont forget to clarify that the fees are fixed.
I've recently bought a leasehold property in Portland. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a ground floor flat in Portland, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Portland with an extended lease are worth £222,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2095
With 70 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
Why can't I complete my conveyancing in Portland on May bank holiday?
Because on completion the purchase price will pass between the banks of the purchaser and seller's lawyer and currently this can only happen on a business day. So you can't complete on a saturday or sunday either.