Below we focus on some of the issues and changes that will be of interest to those involved in buying, selling, leasing or lending on property.
Advance notices (priority registration system) to replace letters of obligation
Scotland is to get a system of priority registration, similar to that operated in England. A 35 day priority period will be achieved by the registration of an Advance Notice. The new system will remove the risk of the buyer or lender being prejudiced by an event which occurs in the gap period between the date to which the property search is brought down just before completion and the date when the new title or security is registered.
Advance Notices will largely remove the need for solicitors' letters of obligation and are being broadly welcomed as a good thing.