My solicitor has discovered a a problem with the lease for the property we are buying in South Molton. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
I am buying a property and require a conveyancing solicitor in South Molton who is on the The Mortgage Works conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as South Molton. We dont recommend any particular firm.
My uncle advised me that in purchasing a property in South Molton there may be a number of restrictions prohibiting external alterations to a property. Is this right?
We are aware of anumerous of properties in South Molton which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in South Molton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all South Molton Conveyancing Quality Solicitors on the TSB conveyancing list of approved firms?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
When it comes to lenders such as Kent Reliance, do South Molton solicitors face a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have todaybeen informed that Stirling Law have been shut down. They carried out my conveyancing in South Molton for a purchase of a leasehold apartment 9 months ago. How can I be sure that the property is not still registered in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of South Molton conveyancing specialists.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in South Molton. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in South Molton ?
Most houses in South Molton are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in South Molton so you should seriously consider shopping around for a South Molton conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
Leasehold Conveyancing in South Molton - Examples of Questions you should consider Prior to Purchasing
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How much is the yearly service fee and ground rent? It is important to be aware whether a new roof is being put on or some other significant cost is anticipated to be shared by the leaseholders and could well dramatically increase the the service fees or result in a one off invoice. What restrictions are there in the South Molton Lease?
What can I do to determine who owns a house in South Molton?
As long as the property is registered with HM Land Registry, and you have requisite specifics of the address of the property, you will be able to see details from the HMLR of the recorded proprietor for a a minimal charge.