Me and my fiance are buying an apartment in South Molton. My Solicitor has never been on on the mortgage company solicitor list. Is it possible for me to appoint my South Molton conveyancing solicitor even though they are not on the bank list of approved lawyers?

You must instruct a conveyancer to complete the legal work required when you require a loan to buy your property. They will carry out all the necessary due diligence on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. You can instruct a South Molton property lawyer of your choosing. Nevertheless, if the conveyancing practitioner selected is not a member of the lender approved list further costs will arise as separate legal representation will be need by the lender. Conveyancing panel applications may be submitted, so where your lawyer has not in the past applied for membership they can do so.

I own a freehold house in South Molton but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in South Molton and has limited impact for conveyancing in South Molton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.

Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.

How does conveyancing in South Molton differ for new build properties?

Most buyers of new build or newly converted property in South Molton come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in South Molton typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in South Molton or who has acted in the same development.

I am looking for a ground for flat up to £245,000 and identified one near me in South Molton I like with a park and station in the vicinity, however it only has 61 years on the lease. There is not much else in South Molton for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you require a home loan that many years will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.

I note that you have a post code search directory identifying law firms on the lender conveyancing panel. Do South Molton conveyancing companies pay you a commission if I retain them for my own house purchase?

We are a listing service only for law firms wishing to communicate if they are on the mortgage company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in South Molton.