I was advised today by my mortgage broker that my Southsea property lawyer is not on the bank Solicitor panel. How can I be sure if this is correct?
Your first step should be to contact your Southsea conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
Our lawyer has discovered a defect with the lease for the flat we are buying in Southsea. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I used Action Conveyancing a few years past for my conveyancing in Southsea. I now require my papers but the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Southsea of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
About to purchase a new build flat in Southsea. Conveyancing is necessary evil 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.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Southsea
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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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I need to retain a conveyancing solicitor for some conveyancing in Southsea. I have stumble upon a web site which seems to have the perfect answer If there is a chance to get all this stuff done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Southsea. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Southsea ?
The majority of houses in Southsea are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Southsea so you should seriously consider shopping around for a Southsea conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I purchased a 2 bed flat in Southsea, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Southsea with over 90 years remaining are worth £265,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2100
With only 75 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.