I am need of leasehold conveyancing for an apartment in a relatively new development (seven years built) in Portland. Almost all the flats are already occupied. Is it strictly necessary to order local searches as part of conveyancing in Portland?
If you getting a loan, your bank will insist on some (many) of the searches so you'll have no choice. If not, then Portland conveyancing searches are optional. No doubt your conveyancer, will ’encourage’, perhaps strongly, that you should not go ahead without searches, but he or she is duty bound in this regard. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to swap to another solicitor for your conveyancing in Portland.
Why do I have to pay up front when it comes to conveyancing in Portland?
If you are buying a property in Portland your solicitor will request that you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this should be required shortly before contracts are exchanged. Any further balance that is needed should be sent to your lawyer shortly before completion.
Please explain the implications if my solicitor is suspended from the UBS Solicitor panel ahead of completing my conveyancing in Portland?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We are purchasing a house and the lawyer has mentioned Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this really necessary for conveyancing in Portland
Unless a previous acquisition of the property completed after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Portland to remain recommending a chancel search and or insurance against a claim.
How can the Landlord & Tenant Act 1954 impact my commercial offices in Portland and how can your lawyers assist?
The particular law that you refer to affords security of tenure to commercial tenants, granting the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and handle your commercial conveyancing in Portland
Back In 2001, I bought a leasehold flat in Portland. Conveyancing and Barclays mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Portland who previously acted has now retired. Any advice?
First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Portland conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 2 bed flat in Portland, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Portland with over 90 years remaining are worth £201,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2090
You have 64 years left to run the likely cost is going to range between £15,200 and £17,600 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.