is it true that all South Molton solicitor practices on the Nottingham conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Nottingham approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
We are getting a further advance on our mortgage from Virgin Money as we intend to carry out alterations to our property in South Molton. Do we need to select a local South Molton solicitor on the Virgin Money conveyancing panel to deal with the paperwork?
Virgin Money would not normally instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money list.
I am currently in the process of buying my council flat in South Molton. I have a mortgage agreed with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I am purchasing my first flat in South Molton benefiting from help to buy. The builders refused to move on the price so I negotiated £7000 of extras instead. The estate agent told me not inform my lawyer about this extras as it would affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in South Molton before appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders will refuse to issue a loan on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in South Molton. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I will soon spend £400,000 on a property in South Molton I wish to have a conversation with the solicitor concerning theconveyancing before instructing the firm. Is this something that you can arrange?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer who will be doing your property ownership legalities in South Molton.There is no ‘factory style conveyancing’ - every client is an important person, not a matter reference. The law firms that we put you in touch with believe that the figure you are provided with for your conveyancing in South Molton should be the figure that you end up paying.
I have just started marketing my basement flat in South Molton. Conveyancing has not commenced, but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you discharge the maintenance contribution as usual because all ground rent and service invoices will be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a 2 bed flat in South Molton, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in South Molton with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2078
With just 53 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
Why do I have to provide my lawyer with numerous items of identification ahead of starting selling or buying a property in South Molton?
South Molton conveyancing practitioners are obliged by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML legislation to record that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, national insurance number and DOB.