Last February we completed a house move in South Molton. We have noticed several issues with the house which we suspect were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been conducted for conveyancing in South Molton?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in South Molton. Conveyancing searches and investigations initiated as part of the buying process are supposed to help avoid problems. As part of the legal transfer of property, the vendor answers a questionnaire called a SPIF. If the information proves to be misleading, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in South Molton.
Can your site be used to find a Conveyancing solicitor in South Molton even where I’m not purchasing or disposing of a house, for instance if I intend to buy an office in South Molton with a mortgage from Barnsley Building Society?
The service is mainly there to help choose residential conveyancing solicitors in South Molton but we have set out at the end of this page some South Molton commercial conveyancing firms. You will need to speak with the firm directly to see if they are also authorised to represent Barnsley Building Society
I had intended to instruct a property lawyer in South Molton for our house move. Our financial adviser has since notified us that our bank HSBC Bank won't deal with them. Surely this is unfair competition?
Lenders in the main imposes restrictions either the category or the amount of conveyancing practices on their approved list of lawyers. Typical examples of such criteria being that a firm must not be a sole practitioner. As well as restricting the profile of firm, some have decided to limit the number of firms they allow to represent them. You should note that HSBC Bank have no responsibility for the quality of advice provided by any member of HSBC Bank Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there remains mixed opinions concerning the extent of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that plenty of law firms, including some in or near South Molton only conduct one or two conveyances a year.
In what way can the Landlord & Tenant Act 1954 affect my business property in South Molton and how can you help?
The 1954 Act provides protection to commercial tenants, giving them the right to apply to court for a new tenancy and continue in occupation at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in South Molton
I am attracted to a two maisonettes in South Molton which have approximately forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in South Molton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive 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 premises 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 South Molton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
I bought a 2 bed flat in South Molton, conveyancing having been completed in 2003. 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? Similar flats in South Molton with an extended lease are worth £211,000. The ground rent is £45 per annum. The lease ends on 21st October 2086
With 67 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.