I am one month into the sale of my maisonette in Portland and the EA has just telephoned to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Portland ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
The owners have rather brash vendors who has recommended a exclusivity agreement with a deposit 6,000. Are such agreements promoted for Portland conveyancing transactions?
There are two primary downsides with executing a lock out agreement (sometimes known as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it could turn out to be unhelpful. It is not promoted by Portland conveyancing practitioners for this reason. A further issue is the extent of the remedies available - a jilted purchaser is very unlikely to obtain an injunction to prohibit the seller completing the sale to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of wasted charges and, in restricted scenarios, the extra payment of penalties.
My wife and I are purchasing a flat in Portland. I might seem paranoid but how we can trust a conveyancer? On completion day we have to deposit money into their account. What protection do 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.
A friend advised me that in buying a property in Portland there may be a number of restrictions preventing external changes to the property. Is this right?
We are aware of anumerous of properties in Portland which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Portland should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have instructed a Portland conveyancer having checked that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Portland postcode. As you are getting a mortgage with Co-operative, you could contact them to see if they have a list of approved surveyors in Portland.
Just had an offer accepted on a new build apartment in Portland. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Portland
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Completion is due on the disposal of our £475,000 apartment in Portland in 5 days. The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Portland?
Portland conveyancing on leasehold apartments normally requires the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They are at liberty to levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a 1 bedroom flat in Portland, conveyancing having been completed April 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Portland with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2095
With just 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus 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 provide the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Am in the process of purchasing my 1st property in Portland. Conveyancing lawyer has been selected. The financial consultant suggested that a survey is not necessary as the property was only constructed 16 yrs ago.
The bare minimum you need a Home Buyer's Report. Given the premises is more than ten years old the property will not benefit from a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be enough. The report should highlight any obvious problems and suggest further investigation if relevant. Where there are any signs of material issues obtain a comprehensive Building Survey from the beginning.