We note that you have a search directory listing solicitors on the Nationwide conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in South Molton?
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 South Molton.
My colleague suggested that where I am purchasing in South Molton I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your South Molton conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about South Molton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the South Molton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, South Molton Education with plans and statistics, Local Amenities and other useful data regarding South Molton.
I am looking for a ground for flat up to £245,000 and identified one close by in South Molton I like with open areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in South Molton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
What makes a South Molton lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in South Molton. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I purchased a 1st floor flat in South Molton, conveyancing having been completed in 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in South Molton with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2082
With only 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I'm purchasing a property in South Molton. I have found my conveyancer's company on the Law Society's list, but I can't find my lawyer's name on the list. Is this a big problem?
Not every individual in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.