We are buying a 1 bedroom flat in Portsmouth with a mortgage. We have a Portsmouth lawyer, however the bank says she’s not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Portsmouth property lawyer and pay for one of their panel firms to represent them. We feel that this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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. Another option that might be available is for your Portsmouth conveyancing solicitor to apply to be on the conveyancing panel.
Can I use your services to recommend a Conveyancing solicitor in Portsmouth even if I’m not purchasing or selling a house, for instance where I intend to acquire an office in Portsmouth with a loan from Lloyds TSB Bank?
Our comparison service is mainly used to get a quote from domestic conveyancing solicitors in Portsmouth but we have recorded at the end of this page a few Portsmouth commercial conveyancing firms. You should enquire with the firm directly to see if they are also authorised to represent Lloyds TSB Bank
Me and my partner are purchasing a apartment in Portsmouth. I might seem paranoid but how we can trust a conveyancer? At some point we have to send money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
The formalities of my remortgage has taken place for my property in Portsmouth. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I am selling my flat. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Leeds Building Society are being pedantic. The Portsmouth solicitor who is on the Leeds Building Society conveyancing panel is recommending indemnity insurance as a solution but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Do I need to take out insurance to address the risk of chancel repairs when acquiring a house in Portsmouth?
Unless a prior purchase of the premises took place post 12 October 2013 you may take it that conveyancing practitioners carrying out conveyancing in Portsmouth to remain encouraging a chancel search and or insurance against a claim.
Do I need to be suspicious about 3rd parties that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Portsmouth conveyancing firm?
As is the case with many service providers, often referrals from relatives can be extremely useful or valuable. Yet there are numerous people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks may recommend lawyers to instruct. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the discretion to appoint your preferred lawyer. However, bear in mind that most banks operate an approved list of law firms you must use for the mortgage related work in your transaction.
What makes a Portsmouth lease problematic?
Leasehold conveyancing in Portsmouth is not unique. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
-
Repairing obligations to or maintain parts of the premises
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a ground floor flat in Portsmouth, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Portsmouth with a long lease are worth £195,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2089
With 64 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 plus legals.
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 investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.