Why do I have to pay up front when it comes to conveyancing in Southsea?
Where you are retaining lawyers for conveyancing in Southsea your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the purchase price then this should be needed shortly ahead of contracts are exchanged. Any further balance that is needed should be sent to your lawyer a couple of days ahead of the completion date.
Please explain the implications if my lawyer’s firm is suspended from the Co-operative Solicitor panel ahead of completing my conveyancing in Southsea?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I are close to exchanging contracts on the sale of our home in Southsea and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A high street Southsea lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a national conveyancing firm rather than a conveyancing solicitor in Southsea. We have lived in Southsea for 5 years we know of no issue. Should we get in touch with our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Are there restrictive covenants that are commonly picked up as part of conveyancing in Southsea?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Southsea. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Southsea benefiting from help to buy. The developers refused to budge the amount so I negotiated 6k of extras instead. The house builders rep advised me not inform my solicitor about this extras as it could put at risk my loan with Alliance & Leicester . 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'm refinancing my primary property to a buy to let loan with Lloyds TSB Bank and intend to use the remaining equity as a deposit on further property. The neighborhood we are looking at is Southsea. Will your lawyers be able to act for the two mortgage companies and link together the transactions?
Do use our search tool on this page to check that the conveyancers are on the appropriate lender panels. On the basis that they are your solicitor should be able to simultaneously deal with the two deals but you should talk with you solicitor and specify your desired outcome and requirements.