My solicitor has discovered a defect with the lease for the flat we are buying in Salisbury. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for 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 mortgage company 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 lawyer will have no choice but to discontinue acting for you.
I purchased my house on 14 May and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Salisbury expressed confidence that it will be recorded in less than a month. Are properties in Salisbury particularly slow to register?
There is nothing unique when it comes to conveyancing in Salisbury registration formalities. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and whether the Land registry must send notices to any interested persons or bodies. Currently roughly three quarters of such applications are completed in less than three weeks but occasionally there can be longer delays. Historically registration is effected once the buyer is living at the property so an expedited registration is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Salisbury differ for new build properties?
Most buyers of new build premises in Salisbury contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Salisbury tend to 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 used to new build conveyancing in Salisbury or who has acted in the same development.
I decided to have a survey carried out on a property in Salisbury ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some banks tend not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Salisbury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Salisbury to see if the conveyancing will be more expensive.
Is it best to go with a Salisbury conveyancing lawyer who is local to the property I am buying? I have an old university friend who can conduct the conveyancing however they are based over three hundred miles away.
The primary upside of using a local Salisbury conveyancing practice is that you can attend the office to sign paperwork, present your ID and pester them where appropriate. Having local Salisbury know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were happy that must trump using an unfamiliar Salisbury conveyancing lawyer just because they are local.