Our lender has recommended a law firm on their panel based in South Molton but I would rather choose a conveyancing lawyer in South Molton local to me. Can you help?
Not all South Molton conveyancing firms are on all lender’s conveyancing panel. Please make the most of our search tool to find a South Molton conveyancing firm on the on the lender panel.
I own a 4 bedroom Georgian property in South Molton. Conveyancing solicitor acted for me and Clydesdale. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in South Molton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing lawyer who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. South Molton is the location of the property. What do you suggest?
Flying freeholds in South Molton are unusual 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 must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Molton may ascertain 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 property.
Should I be wary that 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a High Street South Molton conveyancing company?
As is the case with many service providers, often suggestions from family and friends can be worth their weight in gold. But there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and banks may suggest lawyers to retain. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. However, bear in mind that many mortgage providers operate an approved list of solicitors you are obliged to use for the mortgage related work in your conveyancing.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in South Molton. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in South Molton are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in South Molton in which case you should be shopping around for a South Molton conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
I invested in buying a ground floor flat in South Molton, conveyancing was carried out 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in South Molton with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2082
With only 57 years left to run we estimate the premium for your lease extension to be between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Should I cancel the direct debit for my mortgage with Nottingham as soon as a completion date for my home sale in South Molton has been set?
You are best advised to keep paying any mortgage payments to Nottingham until the mortgage is paid off on completion as part of your South Molton conveyancing.