I am acquiring residence in South Molton. My lawyer has never been on on the bank conveyancing list. Am I still permitted to retain my South Molton conveyancing solicitor even though they are not on the lender approved list?
Various options include
- Proceed with your preferred South Molton lawyer but your bank will no doubt instruct a conveyancing practitioner from their approved list. The net result is additional cost and potential frustration.
- Get a new property lawyer to act in the purchase, making sure they are on the mortgage company conveyancing panel.
- Appeal to your conveyancing practitioner to seek to join the bank panel
Can conveyancing in South Molton to be concluded inside two weeks?
In a situation where the seller is applying a tight deadline for your conveyancing it is advisable to make sure that your conveyancer is familiar with the area as they will benefit local contacts and knowledge. It is possible that they could have conducted otherhomes in the same street. Therefore consider using a South Molton conveyancing solicitor. In addition, check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that 18% of South Molton conveyancing transactions are frustrated or derailed after discovering a buyer’s conveyancer was not on their banks member panel. In many cases this discovery resulted in the buying process being delayed by almost 21 days. It is believed that this issue impacts approximately one hundred thousand home sales every year. Most South Molton conveyancing firms can not represent certain banks so do check at the outset.
I used Arc property Solicitors a few years past for my conveyancing in South Molton. I now require my papers however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in South Molton of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. South Molton is the location of the property. Is there any guidance you can give?
Flying freeholds in South Molton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in South Molton you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Molton may decide 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 premises.
My father has recommend that I use his conveyancers in South Molton. Should I choose my own property lawyer?
Much as we are happy to recommend a South Molton conveyancing lawyer the best way to choose a conveyancing solicitor is to seek recommendations from friends or relatives who have previously instructed the firm you're considering.
I am looking at a two flats in South Molton both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in South Molton. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
I inherited a garden flat in South Molton, conveyancing formalities finalised July 2000. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in South Molton with a long lease are worth £165,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2101
With 77 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.