we are a couple who wish to acquire a purpose built apartment in Wem with a mortgage from The Royal Bank of Scotland.We would like to retain our Wem conveyancing solicitor but The Royal Bank of Scotland advised that his firm is not on their "panel". It seems we are left with no choice but to instruct a The Royal Bank of Scotland panel firm or retain our preferred solicitor and pay for a The Royal Bank of Scotland panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, a common one being that lawyers must be on the The Royal Bank of Scotland approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for The Royal Bank of Scotland
Can you point me to a directory of TSB panel conveyancers in Wem on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lenders make their panel listings visible on the web. Where you are in need of a Wem conveyancer on the TSB please make the most of our tool.
My wife and I are in the process of viewing apartments in Wem and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Kent Reliance.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are taking out a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I was told four weeks ago that my mortgage has been agreed to by RBS. Is it usual for RBS to only issue the offer once my solicitor in Wem is approved on their conveyancing panel? RBS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for RBS to deal with your lawyer's application to be on the RBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I decided to have a survey completed on a property in Wem before appointing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wem. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a sole trader intending to take over a lease of a shop on the high street. Can you recommend lawyers offering no-move-no costs for commercial conveyancing in Wem for less than 1500k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Wem, including the sale and purchase of businesses as well as simply premises. Whether you are looking to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we can put you in touch with the right lawyer. Regarding the fees this will depend on the structure and nuances of the proposed transaction. Let us have your contact information or telephone us so that we can furnish you with comprehensive commercial conveyancing quote.
Are there frequently found deficiencies that you see in leases for Wem properties?
Leasehold conveyancing in Wem is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the property
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I inherited a garden flat in Wem, conveyancing having been completed August 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Wem with a long lease are worth £202,000. The ground rent is £60 charged once a year. The lease runs out on 21st October 2082
With only 57 years left to run the likely cost is going to be between £28,500 and £33,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I need to find a lender panel solicitor in Wem. Could you help me?
It is not clear why you need a Wem panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Wem are on their panel . If you do find such a firm in Wem not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site