Am I correct in assuming that the fact that my solicitor in Hotwells is not listed on my bank's solicitor panel that there is a problem with the quality of his conveyancing?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Hotwells conveyancing practice and ask them why they are no longer on the approved list for your lender.
We are downsizing from our property in Hotwells and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing outfit rather than a conveyancing solicitor in Hotwells. We have lived in Hotwells for many years we know that this is a non issue. Do we get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing firm already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Are there restrictive covenants that are commonly identified as part of conveyancing in Hotwells?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Hotwells. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Hotwells differ for newly converted properties?
Most buyers of new build premises in Hotwells approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Hotwells usually buy the site, 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 Hotwells or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Hotwells is where the house is located. Is there any guidance you can impart?
Flying freeholds in Hotwells are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hotwells you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hotwells may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.