I am purchasing a house without a mortgage in South Molton. I have resided for the last twelve years in South Molton. Conveyancing searches are exorbitant. As I know the area and road very well must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the South Molton conveyancing searches are at your discretion. Your solicitor will try and steer you, perhaps strongly, that you should have searches done, but he is duty bound to do this. Do bear in mind; if you are going to dispose of the house at a future date, it could be of relevance to your prospective buyer what the searches contain. On occasion houses with day to day issues can still show up detrimental search results. A competent conveyancing solicitor in South Molton should be able to give you some sensible guidance here.
What is the first thing I need to know about purchase conveyancing in South Molton?
Not many law firms shout this from the rooftops but conveyancing in South Molton and elsewhere in Devon is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the ownership transfer. E.g., the vendor, property agent and sometimes a lender. Appointing a law firm for your conveyancing in South Molton an important selection as your conveyancer is your adviser, and is the ONE person in the process whose interest is to act in your best interests and to protect you.
Every so often a potential adversary will try and sway you that you should follow their advice. For instance, the selling agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your financial adviser may try to convince you to do something that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Are there restrictive covenants that are commonly identified as part of conveyancing in South Molton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in South Molton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in South Molton differ for new build properties?
Most buyers of new build or newly converted property in South Molton approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in South Molton tend to purchase the site, 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 conveyancers 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 decided to have a survey completed on a house in South Molton prior to instructing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies tend not give a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Molton. Conveyancing will be smoother if you use a solicitor in South Molton especially if they are acquainted with such properties in South Molton.