A loan offer from Nationwide for the remortgage of my single room apartment is expected by the end of next week. Are you able to put forward a cheap conveyancing law firm in Eastney and Southsea?

You have come to the wrong site to search for a cheap conveyancing in Eastney and Southsea. We can offer you value for money conveyancing but we do not advertise as being the cheapest. Do not be seduced by brokers offering the bait of £100 conveyancing in Eastney and Southsea. The optimum result, in choosing a lawyer for cheap conveyancing, you will get your money’s worth and at worst it will result in you invoiced for additional fees and still not get the service you were hoping for.

How does conveyancing in Eastney and Southsea differ for newly converted properties?

Most buyers of new build premises in Eastney and Southsea contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Eastney and Southsea usually acquire 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 property lawyers 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 Eastney and Southsea or who has acted in the same development.

I am looking for a flat up to £245,000 and identified one near me in Eastney and Southsea I like with amenity areas and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Eastney and Southsea in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.

Am I right to be concerned that estate agents that I am dealing with are recommending an online conveyancing firm rather than a local Eastney and Southsea conveyancing practice?

As is the case with many professional services, often suggestions from family and friends can be extremely useful or valuable. But there are lots of people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders may put forward lawyers to choose. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the right to select your own lawyer. Don't forget that some banks operate an approved list of solicitors you have to use for the mortgage related work in your house move.

What are the frequently found defects that you encounter in leases for Eastney and Southsea properties?

There is nothing unique about leasehold conveyancing in Eastney and Southsea. All leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

A provision to repair to or maintain elements of the building

You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

Eastney and Southsea Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

What is the service charge and ground rent on the apartment? How many of the leaseholders are in arrears for their service charge payments? Does this lease have more than 80 years left?