Me and my fiance are planning to purchase a 3 bedroom apartment in Portslade with a mortgage. We would like to retain our Portslade conveyancer, but the bank says she’s not on their "panel". We have to appoint one of the bank panel firms or keep our Portslade property lawyer as well as pay for one of their panel ones to represent them. This seems very unfair; can we not demand that the bank use our Portslade property lawyer ?
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 lender’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 Portslade conveyancing solicitor to apply to be on the conveyancing panel.
Me and my partner are soon to complete on the purchase of a house in Portslade but as a result of damage from some water damage at the property I have managed to agree recompense from the vendor of £2k by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but TSB will not permit this. Should they have been involved?
Your conveyancer that is on the TSB conveyancing panel is duty bound to advise TSB of any changes to the sale price. If you prohibit your property lawyer to notify the price change to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new lawyer for your conveyancing in Portslade.
Why is leasehold purchase conveyancing in Portslade is more expensive?
In short, leasehold conveyancing in Portslade and elsewhere usually necessitates extra due diligence compared to freehold conveyancing. This includes lease investigation, liaising with the landlord about serving applicable notices, obtaining up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
Hoping to buy a property located in Portslade and I am already nervous. I couldn't find anything specific about Portslade. Conveyancing will be needed in due course but do you know about the Portslade area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Portslade. In the meantime here are some basic statistics that we found
In searching the world wide web for the phrase cheap conveyancing in Portslade it shows results of many solicitorslocally. How do I determine which is the right conveyancing solicitor for me?
The preferential way of choosing the right conveyancer is via personal referral, so enquire of colleagues and those you trust who have purchased a property in Portslade or a local estate agent or mortgage broker. Costs for conveyancing in Portslade differ, so it's sensible to secure at least three costs illustrations from varying types of conveyancers. Be sure to obtain confirmation what costs in the quote includes.
I've recently bought a leasehold property in Portslade. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 1 bedroom flat in Portslade, conveyancing having been completed 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Portslade with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease ceases on 21st October 2076
With only 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as professional fees.
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 comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.