Is there a list of Nationwide panel solicitors in Wem on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few lenders make their panel listings open the public on the web. If you are looking for a Wem conveyancing practitioner on the Nationwide please use our tool.
After months of negotiation I have agreed a price on an apartment in Wem. My mortgage broker suggested a property lawyer. I paid an upfront payment of £200. A few days later, the conveyancer contacted me to say that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
After shopping around on the internet I have found a Wem conveyancing practitioner having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Wem surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I bought my home on 2 April and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Wem said it would be concluded inside ten days. Are titles in Wem particularly slow to register?
There is nothing unique about conveyancing in Wem registration formalities. Rather than based on location, timeframes can vary subject to who lodges the application, whether it is in order and whether the Land registry must send notices to any interested parties. At present roughly 80% of such applications are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Historically registration is effected once the buyer has moved in to the property thus an expedited registration is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Wem is the location of the property. Can you offer any advice?
Flying freeholds in Wem are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wem you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wem may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Hoping to buy a property located in Wem and I am already nervous. I couldn't find anything specific about Wem. Conveyancing will be needed in due course but do you know about the Wem area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wem. In the meantime here are some basic statistics that we found
I am 14 days into a leasehold purchase having been recommend to a firm by the estate agent to handle our conveyancing in Wem. We are not happy. Could you help me find new lawyers?
They would have to be very poor in order to consider changing them. Has the loan offer been sent? If so you need to make them aware of the new solicitor and ensure the offer are re-issued. The conveyancer should be on the banks approved list to avoid escalating expenses and frustration. So that should be your first question of the new conveyancers. The search tool should assist you in finding a bank approved conveyancer for your conveyancing in Wem
I am looking at a two flats in Wem both have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Wem is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wem conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a ground floor flat in Wem, conveyancing having been completed in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Wem with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2078
With just 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.