Me and my partner are buying a 2 bedroom apartment in Wedmore with a mortgage. We have a Wedmore lawyer, but the lender says she’s not on their "panel". It seems we have no option but to select one of the mortgage company panel conveyancing practices or keep our Wedmore property lawyer and pay for one of their panel firms to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Wedmore conveyancing lawyer to apply to be on the conveyancing panel.
I am in a contract race with another prospective purchaser for a property in Wedmore. What can be done to accelerate the legal process?
In the event that you are under time constraints for your conveyancing we would recommend that your conveyancer is familiar with the location as they will make use of local connections and intelligence. It is even conceivable that they could have conducted otherproperties in the same road. You would be best advised to use a Wedmore conveyancing lawyer. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Wedmore conveyancing transactions are delayed or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s member panel. This can often result in the legal transfer of property being frustrated by as much as three weeks. It is understood that this issue affects in the region of 100,000 home sales every year. Almost all Wedmore conveyancing firms can not represent certain lenders so do check at the outset.
My aunt pointed out to me me that in purchasing a property in Wedmore there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Wedmore which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Wedmore should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Wedmore property lawyer on the Barclays panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
It is unclear whether 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 Wedmore bank branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Wedmore conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their specific requirements. Who do I believe?
The conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I need some expedited conveyancing in Wedmore as I am under pressure to sign on the dotted line in less than one month. Luckily I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to do searches although no law firm would advise that you don't. Drawing on years of experience of conveyancing in Wedmore the following are examples of issues that can be revealed and adversely affect market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
I have been on the look out for a flat up to £195,000 and identified one close by in Wedmore I like with open areas and station in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Wedmore in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may 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 with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
How do I identify a Wedmore solicitor on the Accord Mortgages Ltd conveyancing panel? I am a keen cyclist and am willing to travel upto 10kilometers to meet the conveyancer.
Feel free to make use of the facility on this website. Please pick a mortgage company and your location and you will see a number of Wedmore conveyancing lawyers based on proximity. We have listed some Wedmore conveyancing firms at the bottom of this page and you can call them to verify if they are on the Accord Mortgages Ltd member panel