We are buying a newbuild apartment in Portsmouth with a loan from National Westminster Bank.We would like to retain our Portsmouth conveyancing lawyer but National Westminster Bank advised that his firm is not listed on their approved list of firms. we are left little option but to use a National Westminster Bank panel lawyer or keep our local solicitor and pay for a National Westminster Bank panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you is subject to its various provisions, a common one being that lawyers will be on the National Westminster Bank approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for National Westminster Bank
We expect to receive a AIP from Skipton this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Portsmouth solicitors on the Skipton conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Portsmouth solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
I currently have a mortgage with Leeds Building Society for my property in Portsmouth. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel firm.
Our sealed bid on a house in Portsmouth has been accepted, the sellers do nevertheless have a connected purchase. The sellers have put an offer on a property, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Portsmouth. What should be my next step? When do I get the mortgage application with Clydesdale going?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, Portsmouth conveyancing search fees, etc). The first thing to do is ensure that your property lawyer is on the Clydesdale approved list. Regarding the next phase this very much depends on the uniqueness of your case, attraction to this property and on the state of the market. During a buoyant market the majority of home buyers will apply for the mortgage with Clydesdale and arrange for the valuation and only if it comes back ok would they request their property lawyer to move forward with searches.
We are downsizing from our home in Portsmouth and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A high street Portsmouth lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using an internet conveyancing practice rather than a conveyancing solicitor in Portsmouth. Having lived in Portsmouth for 5 years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. What do they say? You should check with 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 life insurance to cover that same ailment)
How does conveyancing in Portsmouth differ for new build properties?
Most buyers of new build residence in Portsmouth contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Portsmouth typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Portsmouth or who has acted in the same development.
I opted to have a survey completed on a property in Portsmouth ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. The surveyor advised that some lenders will not issue a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Portsmouth. Conveyancing will be smoother if you use a solicitor in Portsmouth especially if they are accustomed to such properties in Portsmouth.
I was advised by numerous estate agents in Portsmouth to get a quote from a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to market your lawyers ahead of alternative conveyancing organisations?
We don’t make any commission for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.