Do banks and building societies provide you with an approved list of Wolstanton conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?

Wolstanton conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.

Is it correct that all Wolstanton CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing list of approved firms?

It is true that some lenders now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.

Can you point me to a directory of RBS panel solicitors in Wolstanton on the Council of Mortgage Lender’s Website?

No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings available on the web. Where you are looking for a Wolstanton conveyancer on the RBS please make the most of our tool.

Intending to buy a apartment in Wolstanton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.

They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wolstanton lawyer is on the Skipton conveyancing panel.

I have been on the look out for a flat up to £305k and identified one close by in Wolstanton I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Wolstanton in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

If you need a home loan the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.

We are four weeks into a residential purchase having been recommend to a firm by the selling agent to execute conveyancing in Wolstanton. I am not happy. Can you help me find new lawyers?

A solicitor would need to be very poor to suggest changing them. Has the mortgage been issued? If so you will need to make them aware of the replacement solicitor and ensure the offer are issued to the new lawyers. Your new solicitor ideally should be on the mortgage company panel to avoid escalating costs and complications. That should be your first question of the new conveyancers. The find a solicitor tool will help you find a bank approved conveyancer for your conveyancing in Wolstanton

I am attracted to a two apartments in Wolstanton both have about fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Wolstanton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Wolstanton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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.

Wolstanton Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Is there a share of the freehold? How many years are left on the lease? How much is the service charge and ground rent on the flat?