Would the conveyancing solicitors via your comparison service perform attended exchange conveyancing in Portsmouth?
There are a few conveyancing specialists carrying out one day exchanges. Please contact us to get a costs illustration and details as to availability.
I purchased a freehold house in Portsmouth but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Portsmouth and has limited impact for conveyancing in Portsmouth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My brother-in-law has suggested I instruct a conveyancing solicitor in Portsmouth. I need to find out if they are on the Virgin Money approved list of lawyers. Can you help?
The first thing to do is contact the lawyer and enquire whether they can act for the lender. Alternatively you should call Virgin Money who may be able to confirm.
I am buying a new build flat in Portsmouth. Conveyancing is necessary evil 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 legal work.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Portsmouth
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Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I am looking for a ground for flat up to £195,000 and identified one round the corner in Portsmouth I like with a park and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Portsmouth for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Portsmouth. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Portsmouth are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Portsmouth in which case you should be shopping around for a Portsmouth conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.