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Find a South Molton Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in South Molton? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your South Molton home move at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised South Molton conveyancers for over 130 lenders.


Recently asked questions about conveyancing in South Molton

Our solicitor has uncovered a a legal deficiency with the lease for the property we are purchasing in South Molton. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the lender?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.

I am looking for a leasehold apartment up to £195,000 and found one round the corner in South Molton I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in South Molton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you need a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.

How straightforward is it to use the search tool to locate a conveyancing practitioner in South Molton on the authorised to act for my lender?

First select a lender such as Nationwide Building Society, The Mortgage Works or Nottingham Building Society then type in your preferred area a common one being South Molton. Conveyancing organisations in South Molton and beyond should be shown.

What makes a South Molton lease defective?

There is nothing unique about leasehold conveyancing in South Molton. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Skipton Building Society, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

I bought a ground floor flat in South Molton, conveyancing was carried out September 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in South Molton with a long lease are worth £222,000. The ground rent is £50 per annum. The lease runs out on 21st October 2094

You have 70 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

Is planning permission necessary to convert a house into multiple flats in South Molton? This has taken place to a house adjacent to my home in South Molton and was ignorant of the conversion until it was done.

Planning permission is needed for splitting a single house in South Molton into apartments but possibly not for converting back to single dwelling-house so, in answer to your query, yes.

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Neighbouring Locations

Umberleigh
South Molton
Winkleigh
Chulmleigh

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