I am not well enough to travel far from Portsmouth. Can you please spell out why all Portsmouth conveyancing practitioners aren't automatically on all bank panels?
Even though it may seem unfair for mortgage companies to restrict who can act for them, from the public’s or conveyancer’s point of view, the other side of the coin is that mortgage companies are becoming ever more anxious and regard it vital to protect them from illegal activities. As a result of this concern lenders have consolidated their conveyancing panel to a manageable size.
We're in Portsmouth, First time buyers buying with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will our lawyer be raising questions concerning flooding during the conveyancing in Portsmouth.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Portsmouth. There are those who purchase a property in Portsmouth, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of searches that may be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Portsmouth. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the vendor to determine if the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a buyer may commence a legal claim for losses stemming from an inaccurate response. A purchaser’s lawyers may also commission an enviro search. This will higlight whether there is a recorded flood risk. If so, further investigations should be initiated.
I have todaybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Portsmouth for a purchase of a leasehold apartment 10 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Portsmouth conveyancing specialists.
What is different about your site and alternative online quote calculators when it comes to conveyancing in Portsmouth?
At this site receive a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Portsmouth. Unlike many estate agents and brokerage sites we do not charge firms a commission if you instruct them for your property ownership legalities in Portsmouth
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £400,000 garden flat in Portsmouth next Wednesday. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Portsmouth?
Portsmouth conveyancing on leasehold flats more often than not requires the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I am the registered owner of a garden flat in Portsmouth, conveyancing formalities finalised in 2011. Can you work out an approximate cost of a lease extension? Similar properties in Portsmouth with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2088
With 63 years left to run the likely cost is going to range between £16,200 and £18,600 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.