I have given 2 months notice to my existing landlord and must vacate my rented flat in Portsmouth by the end of next month. Conveyancing on my purchase has just started. How realistic is it to complete in 4 weeks as don't want to have to move into temporary accommodation?
It is unwise to provide notice for your letting unless you have exchanged. If you have not already done so, update to your solicitor and ask them to they apply pressure on the other solicitors, try to get a realistic time scale from them that all parties will work to achieve
Please help - my lawyer advises that defective lease insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Portsmouth?
The appropriate level of defective lease indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and Skipton Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Can you point me to a directory of RBS panel solicitors in Portsmouth on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association websites. A small selection of banks make their panel listings visible online. Where you are seeking to appoint a Portsmouth lawyer on the RBS please make the most of our tool.
is it true that all Portsmouth solicitors on the Nationwide conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Nationwide approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
Will our conveyancer be making enquiries about flooding as part of the conveyancing in Portsmouth.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Portsmouth. Some people will buy a house in Portsmouth, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a numerous checks that may be undertaken 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 property information forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to determine if the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser could bring a claim for damages stemming from an inaccurate reply. The purchaser’s lawyers may also commission an environmental report. This should disclose if there is any known flood risk. If so, more detailed investigations should be made.
How does conveyancing in Portsmouth differ for new build properties?
Most buyers of new build residence in Portsmouth come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Portsmouth tend to purchase the land, 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 accustomed to new build conveyancing in Portsmouth or who has acted in the same development.
In surfing the web for the term cheap conveyancing in Portsmouth it brings up numerous conveyancersin the area. With so much choice what is the best way to find the right solicitor for me?
The best way of finding a suitable conveyancer is via personal recommendation, so seek the counsel of friends and those you trust who have purchased a property in Portsmouth or the local estate agent or mortgage broker. Charges for conveyancing in Portsmouth vary, so it's sensible to request at least four fee calculations from varying types of solicitors. Make sure that you clarify that the costs are assured not to increase.