I am nearing exchange of contracts for my apartment in Portsmouth and the EA has just e-mailed to advise that the buyers are switching conveyancer. The reason given is that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Portsmouth ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
My brother-in-law has suggested I instruct a conveyancing solicitor in Portsmouth. I I am struggling to find out whether they are on the Norwich and Peterborough Building Society approved list of lawyers. Could you assist?
You should phone your conveyancer and ask them whether they are on the lender panel. Otherwise please get in touch with Norwich and Peterborough Building Society who may be able to confirm.
I am purchasing a 3 bedroom semi in Portsmouth. The intention is to an extension at the rear at the house.Will legal due diligence on the property involve checks to determine if these alterations are allowed?
Your property lawyer will review the deeds as conveyancing in Portsmouth will on occasion reveal restrictions in the title documents which restrict certain alterations or need the permission of another owner. Certain extensions require local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these issues with a surveyor prior to committing yourself to a purchase.
My fiancee and I are in the throws of viewing flats in Portsmouth and I am now considering a potential offer. Is it sensible to have my conveyancing practitioner on ‘stand by’? I intend to finance via a mortgage with Barclays.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are obtaining a mortgage with Barclays, ask your prospective lawyers if they are on the Barclays conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property in Portsmouth off the council. I have a mortgage offer with HSBC. 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 use 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
We are buying a property and the lawyer has referenced Chancel Repair for which the property could be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this strictly appropriate for conveyancing in Portsmouth
Unless a prior purchase of the premises took place after 12 October 2013 you can assume that conveyancing practitioners handling conveyancing in Portsmouth to continue to recommend a chancel search and or chancel repair liability insurance.
I am tempted by the attractive purchase price for a couple of maisonettes in Portsmouth both have approximately fifty years left on the leases. Do I need to be concerned?
There are plenty of short leases in Portsmouth. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.
I invested in buying a garden flat in Portsmouth, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Portsmouth with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2091
With 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
I require the services of a mortgage company panel solicitor in Portsmouth. Could you help me?
Unfortunately it’s not apparent why you need a Portsmouth panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Portsmouth are on their panel . If you do find such a firm in Portsmouth not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site