I plan on purchasing a flat in Portsmouth. My lawyer is not on the bank approved list. Is it possible for me to continue with my Portsmouth conveyancing solicitor even though they are excluded from the mortgage company approved list?
You have a number of options available to you here
- Proceed with your chosen Portsmouth conveyancing practitioner but your mortgage company will undoubtedly appoint a lawyer on their conveyancing panel. This will result in additional charges and potential frustration.
- Get a new property lawyer to act in the purchase, making sure they are on the lender conveyancing panel.
- Convince your lawyer to seek to join the bank panel
Can you recommend a Lloyds TSB Bank approved Portsmouth conveyancing lawyer who can have us moved in within less than a month? Am I best advised to unstruct a local Portsmouth solicitor or an online comparison site?
We can recommend some very good Portsmouth conveyancing firms. Another option is to visit the high street in Portsmouth. Approach some well established law practices and ask to speak with a conveyancing solicitor for a quote. Explain your time frames together with the reasons and get an assurance on speed. Choose the lawyer that appears most efficient.
is it true that all Portsmouth solicitor firms on the Kent Reliance conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be governed by the CLC.
I am buying a property in Portsmouth. A rare aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Kent Reliance your lawyer must check the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Kent Reliance. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Kent Reliance where a lease does not comply with these provisions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Portsmouth.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Portsmouth bank branch on various occasions and was advised it wasn't an issue and they will lend. My Portsmouth conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am buying my first flat in Portsmouth with a loan from National Westminster Bank. The builders would not move on the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not to tell my solicitor about the deal as it may jeopardize my loan with National Westminster Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Do I need to be wary about 3rd parties that I am dealing with are suggesting a national conveyancing firm rather than a High Street Portsmouth conveyancing practice?
As is the case with many professional services, often input from relatives can be extremely useful or valuable. Yet there are lots of people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend solicitors to choose. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are free to select your own lawyer. Don't forget that many mortgage providers specify a panel list of lawyers you have to use for the mortgage related work in your house move.
I am attracted to a two flats in Portsmouth both have in the region of forty five years unexpired on the lease term. Do I need to be concerned?
A lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
I am the registered owner of a garden flat in Portsmouth, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Portsmouth with over 90 years remaining are worth £196,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2088
With just 64 years remaining on your lease we estimate the premium for your lease extension to span between £15,200 and £17,600 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.