My Salisbury lawyer has spotted a difference between the information in the home valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is obliged to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
When does exchange of contracts take place for purchase conveyancing in Salisbury and am I required to be at the conveyancers branch?
If you are round the corner to our conveyancing solicitors in Salisbury you are welcome to come in to sign documents. That being said, the law practices we work with supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The executing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the conveyancer to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Salisbury)to be in the office available at the end of the phone to exchange contracts.
We wanted to use a property lawyer in Salisbury for our home move. Our broker informed us that our bank The Mortgage Works won't deal with them. Why is this not regarded as unfair competition?
Banks normally imposes restrictions either the category or the amount of conveyancing solicitors on their member panel. Typical examples of such criteria being that a firm must have two or more partners. As well as restricting the profile of firm, some have limited the number of solicitor practices they allow to act for them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains differing views about the extent of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Salisbury only execute one or two conveyances a year.
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 seller to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Salisbury usually buy the real estate, 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.
Due to the advice of my in-laws I had a survey completed on a house in Salisbury in advance of appointing solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies will not issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further 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 Salisbury. Conveyancing will be smoother if you use a solicitor in Salisbury especially if they regularly deal with such properties in Salisbury.
My brother has urged me to instruct his lawyers for conveyancing in Salisbury. Should I use them?
Much as we are happy to recommend a Salisbury conveyancing lawyer the best way to find a conveyancing lawyer is to have referrals from friends or relatives who have actually experience in using the conveyancer you're are thinking of instructing.