My partner and I are planning to purchase a property in Wooler and are in fact using a Wooler conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. The Royal Bank of Scotland have this evening contacted us to advise us that there is now an issue as our Wooler lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for 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 mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Wooler solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The Wooler conveyancing firm handling our Wooler conveyancing has uncovered an inconsistency when comparing the assumptions in the valuation report and what is in the conveyancing documents. My lawyer informs me that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We note that you have a post code search directory identifying solicitors on the Nationwide conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Wooler?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wooler.
I have been on the look out for a flat up to £245,000 and found one round the corner in Wooler I like with a park and transport links in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Wooler for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 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 current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Been on the hunt for a property lawyer for leasehold sale conveyancing in Wooler. We are selling, simple no mortgage to pay off, no rush, no onward purchase. Received a quote from a solicitor for £800 plus VAT which is a little high given that its so straightforward. Is it possible to find less expensive fees for conveyancing in Wooler?
Considering it’s a sale only, £500 + VAT would be about the best for sale conveyancing in Wooler.