Tim Farron Liberal Democrat MP
Tim Farron MP is the bookmaker's favourite for taking over for Nick Clegg as LibDem leader (Jeff J Mitchell/Getty Images)

The Liberal Democrat party will begin its search for a new leader on 13 May and bookmakers are tipping Tim Fallon MP to secure the party's top slot.

Bookmakers William Hill and Paddy Power have both put the odds of Fallon becoming the Lib Dem leader at 1/7, while the UK's other bookmakers placing Fallon's odds at between 1/4 to 1/6.

William Hill's and Paddy Power's odds for the next favourite, Norman Lamb, has been placed at 9/2 and 4/1, respectively.

Tim Fallon, MP for Westmorland and Lonsdale, was the president of the Lib Dems from 2011-2014.

He was elected to his Westmorland and Lonsdale with a majority of more than 12,000. This turned the previously Conservative safe seat into a Lib Dem power base. During the last administration, Fallon positioned himself on the left of the Lib Dems, and campaigned and voted against increasing university tuition fees.

Lib Dem survivors

Only eight Lib Dems remained in office after the rout of the 7 May general election, in which 48 Liberal Democrats were voted out of office.

The last of the Liberal Democrats

  • Tom Brake, MP for Carshalton and Wallington
  • Alistair Carmichael, MP for Orkney and Shetland
  • Nick Clegg, MP for Sheffield Hallam
  • Tim Farron, MP for Westmorland and Lonsdale
  • Norman Lamb, MP for North Norfolk
  • Greg Mulholland, MP for Leeds North West
  • John Pugh, MP for Southport
  • Mark Williams, MP for Ceredigion

Many have seen the obliteration of the Lib Dems in Westminster as punishment for supporting the Conservative Party and its policies while part of the last administration's coalition, and failing to follow through with its manifesto promises.

When Nick Clegg announced support for the rise in university tuition fees, which ran against Lib Dem policies, Fallon said, "Integrity is important. You must not only keep your word but be seen to keep your word. You can say no."

Upon resigning after the election results, Nick Clegg stated, "I must take responsibility and therefore I announce that I will be resigning as leader of the Liberal Democrats."

Greg Mulholland, one of the eight Lib Dems to remain MPs after the general election, has said that the Lib Dems requires "strong leadership now", according to an ITV News report.

Under the Lib Dems' constitution, the party leader must be a serving MP and be proposed by 10% of current Lib Dem MPs. This means that any candidate only requires the backing of one other Lib Dem.