My partner and I are only a couple days away from an exchange on a house in Portsmouth and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is obliged to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
As someone with no idea as to the Portsmouth conveyancing process what is your top tip you can impart concerning the home moving process in Portsmouth
Not many law firms or advisers will tell you this but conveyancing in Portsmouth and elsewhere in Hampshire is an adversarial experience. Put another way, when it comes to conveyancing there exists an abundance of room for confrontation between you and others involved in the home moving process. For example, the vendor, estate agent and sometimes a mortgage company. Choosing a law firm for your conveyancing in Portsmouth is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose interest is to look after your best interests and to keep you safe.
There is a definite ongoing adversarial element to conveyancing- someone must be blamed for the process taking so long. We recommend that you your first instinct should be to trust your lawyer above all other parties when it comes to the legal assignment of property.
I have been told that property searches are the primary cause of hinderance in Portsmouth house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Portsmouth.
The deeds to my house can not be found. The solicitors who dealt with the conveyancing in Portsmouth 4 years ago no longer exist. What are my options?
Assuming you have a registered title the details of your ownership will be documented by HMLR under a Title Number. It is easy to perform a search at the Land Registry, find your property and order current copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will usually retain a certified duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I'm purchasing my first flat in Portsmouth with a mortgage from Britannia. The developers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not reveal to my solicitor about the side-deal as it could jeopardize my mortgage with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am on look out for some leasehold conveyancing in Portsmouth. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Portsmouth - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a ground floor flat in Portsmouth, conveyancing was carried out 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Portsmouth with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2089
With 68 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.