I have just started taking steps with the intention of changing my existing standard mortgage to a BTL Bank of Ireland mortgage. I have been informed by my broker that I require a solicitor as part of the process. I had a chat my former Portland conveyancing solicitor who who did the conveyancing when I initially acquired the premises. The costs illustration provided of £575 plus disbursements is surprising as its a remortgage than a sale or purchase.
The estimate does seem a tad overpriced. If you you were to look around you may be able to trim some of the cost by perhaps £125. On the other hand, assuming were content with the legal work the firm offered you maylive to regret choosing an an untested solicitor. If is important to enquire the conveyancer can act for Bank of Ireland. You can use our search tool to find a Portland conveyancing firm on the Bank of Ireland approved list of lawyers, which can often include conveyancing solicitors in Portland.
Our son-in-law is about to exchange on a newly built flat in Portland with a mortgage from Co-operative. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Completed the sale of my flat in Portland last September yet the purchaser is Skype messaging me complaining that her solicitor is waiting to hear from mine. What should have happened following completion?
After completion of your sale your solicitor is duty bound to deliver the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Where relevant, your lawyer must also evidence that the mortgage has been redeemed to the buyers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Portland.
I am buying a new build flat in Portland. Conveyancing is daunting 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 conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Portland
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Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision.
I have been on the look out for a flat up to £235,500 and found one close by in Portland I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Portland for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My fiance and I may need to rent out our Portland ground floor flat temporarily due to taking a sabbatical. We instructed a Portland conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Portland do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I acquired a 2 bed flat in Portland, conveyancing having been completed in 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Portland with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2083
With only 59 years remaining on your lease we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs 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 should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.