My fiance and I are hoping to buy a flat in Portsmouth and are in fact using a Portsmouth conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Birmingham Midshires have this afternoon contacted us to inform me that there is now an issue as our Portsmouth solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Portsmouth solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Portsmouth is where the house is located. What do you suggest?
Flying freeholds in Portsmouth are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Portsmouth you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Portsmouth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Given that I will soon spend 450k on 3 bedroom house in Portsmouth I would like to have a conversation with the lawyer concerning thehome move before appointing the firm. Can this be arranged?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you speaking to the conveyancer due to be conducting your conveyancing in Portsmouth.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Portsmouth should be the amount on the final invoice that you are charged.
Should I choose a Portsmouth conveyancing practitioner in close proximity to the house I am purchasing? An old friend can conduct the legal formalities but his firm is located over three hundred kilometers drive away.
The primary upside of using a high street Portsmouth conveyancing firm is that you can attend the office to execute documents, deliver your identification documents and pester them where appropriate. Having local Portsmouth know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and they were impressed that must surpass using an unfamiliar Portsmouth conveyancing lawyer just because they are Portsmouth based.
How and when do I cover the costs of the Stamp Duty Land Tax chargeable for my purchase in Portsmouth?
The conveyancer will fill out a Land Transaction Return Form on your behalf during your Portsmouth purchase transaction for you to sign. After completion your conveyancing practitioner will submit your STL Return Form to the Tax Authorities and - as long as they have the money - pay any tax bill liability on your behalf.