Find a Portland Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Portland? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Portland transaction at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Portland conveyancers for over 130 lenders.

Recently asked questions about conveyancing in Portland

We have rather brash vendors who has suggested a lock out agreement with a down payment 6,000. Is it wise to enter into such agreements?

There are a couple of primary drawbacks with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it diverts attention away from moving forward with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could transpire to be a hindrance. It is not particularly popular by Portland conveyancing lawyers as a result. The other main concern is the extent of the remedies available - a jilted buyer should not expect to secure injunctive relief to prohibit the owner completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in limited scenarios, the additional payment of damages.

Please help - my lawyer advises that chancel insurance is necessary on my purchase. What is the level of cover for Portland conveyancing?

The right level of chancel indemnity insurance depends on your lender. It would differ for example between Halifax and Chelsea Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.

When it comes to mortgage companies such as TSB, do Portland conveyancers have to pay a fee to be on the list of approved solicitors?

We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.

I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Portland bank branch on numerous occasions and was advised it wasn't an issue and they would lend. My Portland conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?

The property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

How does conveyancing in Portland differ for new build properties?

Most buyers of new build residence in Portland approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Portland usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Portland or who has acted in the same development.

I need to retain a conveyancing solicitor for remortgage conveyancing in Portland. I have stumble across a web site which appears to be the ideal offering If it is possible to get all the legals completed via email that would be preferable. Should I be concerned? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

My sealed bid on property in Portland was accepted, the vendor does however have a tied purchase. The sellers have offered on a flat, but it’s not yet agreed to, and are looking at other flats in the pipeline. I have instructed a local conveyancing solicitor in Portland. What should be my next step? At what point do I apply for the mortgage with HSBC?

It is standard to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then valuation, Portland conveyancing search costs, etc). First, you must ensure that your conveyancer is on the HSBC approved list. Regarding the subsequent phase this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a buoyant market many buyers will apply for the mortgage with HSBC and pay for the valuation and only if it comes back ok would they request their property lawyer to proceed with searches.

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