My partner and I are getting closer to an exchange on a house in Portslade and my parents have transferred the 10% deposit to my lawyer. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is legally required to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
is it true that all Portslade solicitor practices on the Clydesdale conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be governed by the SRA. The majority of lenders do list licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
Can I be sure that the Portslade conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Portslade obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your conveyancing.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Portslade solicitor - who is on the Co-operative conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Portslade surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
We are selling our home in Portslade and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers instructed an online conveyancing firm rather than a conveyancing solicitor in Portslade. Having lived in Portslade for three years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
The deeds to my property can not be found. The solicitors who conducted the conveyancing in Portslade 4 years ago no longer exist. What are my next steps?
In today’s world there are duplicates made of almost everything, and your conveyancer should be aware exactly where to find all the appropriate paperwork so you may purchase or sell your property without a hitch. If duplicates are not available, your solicitor may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on the property.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Portslade is the location of the property. What do you suggest?
Flying freeholds in Portslade are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Portslade you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Portslade may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I own a leasehold flat in Portslade. Conveyancing was completed in 2009. I have heard that I mustn’t allow the lease length fall too short. Why is that a problem?
Portslade domestic long term leases are for a set term - often 99 years when they commenced. However many appartments in Portslade were built or converted 20 or more years ago and so these leases now have under eighty years left to run. This may sound like plenty of time but Banks, Building Societies and other mortgage companies generally need leases to have a minimum of seventy five years remaining to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To optimize your property value you should be considering whether or not to extend your lease well in advance of selling the property. There are also advantages to taking action before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to get a lot more expensive.