Do lawyers request money on account for conveyancing in Portsmouth?
Where you are retaining lawyers for conveyancing in Portsmouth your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the Local Authority Search. When the deposit is payable against the sale price then this should be asked for immediately in advance of exchange of contracts. The final balance that is due should be transferred shortly before completion.
I am purchasing a semi-detached house in Portsmouth. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Portsmouth you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Portsmouth.
My wife and I have organised the release of further funds on our mortgage from Virgin Money as we wish to conduct a loft conversion to our home in Portsmouth. Do we need to choose a high street Portsmouth solicitor on the Virgin Money conveyancing panel to deal with the paperwork?
Virgin Money don't usually instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Portsmouth building society branch on a couple of occasions and was reassured it wasn't an issue and they would lend. My Portsmouth conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
As long as the property lawyer is on the lender approved list, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Skipton have agreed my mortgage in principle, my bid on a flat in Portsmouth has been agreed to, now what?
Your property agent will want to be advised as to your conveyancer's details (ensure that the lawyers are on the bank’s approved list). Contact Skipton or the financial adviser and finish off any outstanding paperwork. Skipton will instruct a valuer who will get in touch with the selling agent or owners to book a time for the valuation to take place. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Skipton will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Portsmouth.
I own a 4 bedroom Georgian property in Portsmouth. Conveyancing practitioner acted for me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Portsmouth and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who carried out the work.
Just had an offer accepted on a new build apartment in Portsmouth. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Portsmouth
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I have miscalculated my finances and am a few grand short a 10% deposit on my flat purchase in Portsmouth , but I am keen go ahead. What can I do?
You can accept a lower deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment