My wife and I are purchasing a 3 bedroom apartment in Wedmore with a mortgage. We like our Wedmore solicitor, however the bank says she’s not on their "panel". It seems we have little option but to select one of the mortgage company panel conveyancing practices or keep our Wedmore lawyer as well as pay for one of their panel firms to act for them. We regard this is unjust; 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 lender’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 solicitor to apply to be on the conveyancing panel.
I am in a contract race with another buyer for a property in Wedmore. What can I do to quicken up the buying process?
First, If the seller is applying pressure for your conveyancing we would recommend that your conveyancer is familiar with the location as they will have local connections and know-how. It is possible that they would have handled previousproperties in the same road. Therefore consider using a Wedmore conveyancing solicitor. Second, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Wedmore conveyancing transactions are delayed or derailed after finding out that a purchaser’s lawyer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the conveyancing being delayed by as much as three weeks. It is estimated that this issue impacts in the region of one hundred thousand home moves annually. Most Wedmore conveyancing practices can not act for certain lenders so do check as early as possible.
A colleague informed me that in buying a property in Wedmore there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of a number of properties in Wedmore which have some sort of restriction or requirement of consent to perform external alterations. 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 paid off my mortgage with UBS. I assume I don't need a Wedmore conveyancer on the UBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS 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 UBS mortgage from the register. UBS, 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 UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I can not work out if my mortgage offer 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 told it wasn't an issue and they will lend. My Wedmore conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender approved list, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I need some quick conveyancing in Wedmore as I am faced with an ultimatum to complete inside 3 weeks. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not taking a home loan you are at liberty not to have searches carried out although no conveyancer would recommend that you don't. With lots of history conveyancing in Wedmore the following are examples of issues that can show up and adversely impact future mortgageability: Enforcement Actions, Outstanding Charges, Overdue Grants, Road Schemes,...
I am looking for a ground for flat up to £235,500 and identified one round the corner in Wedmore I like with amenity areas and station in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Wedmore suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Are there any apps to help identify a Wedmore law firm on the HSBC Bank conveyancing panel? I have a car and am willing to travel upto 10kilometers to meet the lawyer.
You can use the tool on this website. Please select a mortgage company and your location and you will see a number of Wedmore conveyancing lawyers located nearest you. We have detailed some Wedmore conveyancing firms towards the end of this page and you can telephone them to see if they are on the HSBC Bank panel