Some advice if I may. My Hotwells lawyer is advising me that she is duty bound toorder Hotwells conveyancing searches asthe firm are on the Lloydsapproved lawyer panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Hotwells conveyancing searches.
is it true that all Hotwells conveyancing solicitors on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be regulated by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I had a mortgage agreed in principle with Lloyds. Hotwells conveyancing practitioners were instructed. How long does it take for Lloyds to forward the offer to the solicitor?
There is no definitive answer here. Have Lloyds done the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am purchasing a property in Hotwells. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must check the conveyancing instructions set out in Part two of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and lawyers are required to report to Virgin Money where a lease fails to comply with these requirements. The requirements relate to the installation of panels on properties countrywide and is not restricted to Hotwells.
Are there restrictive covenants that are commonly identified during 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…’
Over the last few months I have been searching for a flat up to £305k and found one near me in Hotwells I like with open areas and transport links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Hotwells in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
We have an offer in principle from Santander who said we could borrow up to £117k. At what point do I need to instruct a practitioner for conveyancing? Hotwells is where we plan to move to.
It would be wise to instruct a conveyancing practitioner now so that the conveyancing practitioner can open the ledger so they can conduct their AML checks etc. Once you wish them to start work they will seek a deposit normally approximately £200. That would normally be once you have the mortgage offer and survey results, but if you wish to expedite the process you can start the ball rolling sooner albeit risking some money.