I am progressing with the sale of my maisonette in Salisbury and the estate agent has just text me to warn that the purchasers are changing their solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. On what basis would a leading mortgage company only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Salisbury ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
Various internet forums that I have come across warn that are the primary reason for hinderance in Salisbury house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Salisbury.
How does conveyancing in Salisbury differ for new build properties?
Most buyers of new build or newly converted property in Salisbury come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because builders in Salisbury tend to acquire 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 conveyancers 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 accustomed to new build conveyancing in Salisbury or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Salisbury I like with a park and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Salisbury suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
My husband and I are 14 days into a freehold purchase having been directed to solicitors by the estate agent to handle our conveyancing in Salisbury. We are not happy. Can you you assist me in finding new lawyers?
A conveyancer would need to be really poor to suggest diss instructing them. Has the mortgage been generated? If so you need to make them aware of the new solicitor and get the offer are issued to the new lawyers. The conveyancer should be on the mortgage company approved list to avoid escalating costs and frustration. So that should be your first question of the new lawyers. Our search tool will assist you in finding a bank approved conveyancer for your home move in Salisbury
Me and myhusband and I are are seeking to find a quality conveyancing solicitor in Salisbury to purchase a house. I am aware of the dangers of getting ripped off but with lots of Salisbury conveyancing solicitors out there...how do I know which one is best to appoint?
To fee estimates for your move via conveyancing firms that provide services in Salisbury please make the most of our quote tool.