My fiance and I are hoping to purchase a house in Wem and have instructed a Wem conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to inform me that there is now an issue as our Wem solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Wem solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Can your site be used to locate a Conveyancing solicitor in Wem even if I’m not buying or disposing of a house, for example where I intend to acquire a shop in Wem with a mortgage from Barnsley Building Society?
Our search tool is primarily there to get a quote from residential conveyancing solicitors in Wem but we have set out at the end of this page some Wem commercial conveyancing firms. You will need to speak with the solicitors directly to establish if they can also act for Barnsley Building Society
I am purchasing my first flat in Wem with a mortgage from Barclays . The developers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not disclose to my lawyer about the deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Wem I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Wem suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension 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 speak to your conveyancing solicitor about this.
Taking into account that I am about to spend hundreds of thousands of pounds on a property in Wem I wish to talk to a solicitor about myhouse move before giving the go ahead to the firm. Can this be arranged?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be conducting your property ownership legalities in Wem.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are provided with for your conveyancing in Wem should be the amount on the final invoice that you end up paying.
Are there frequently found problems that you witness in leases for Wem properties?
There is nothing unique about leasehold conveyancing in Wem. Most leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
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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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
Leasehold Conveyancing in Wem - Examples of Queries Prior to Purchasing
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Is there a share of the freehold? It would be prudent to find out as much as possible concerning the company managing the building as they will either make your living at the property much simpler or much more difficult. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the common parts. Ask other tenants if they are happy with them. On a final note, be sure you understand the dates that the maintenance fees are due to the managing agents and precisely what you get for your money. Be sure to investigate if the the lease contains any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Wem. If you love the flatin Wem yet your dog is not allowed to make the move with you then you will be faced hard compromise.