Am I correct in assuming that the fact that my solicitor in Bootle is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (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. Where you are concerned you should simply call the Bootle conveyancing firm and enquire why they are no longer on the approved list for your bank.
My wife and I are purchasing a brand new flat in Bootle and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Please explain the implications if my solicitor is expelled from the Aldermore Solicitor panel ahead of completing my conveyancing in Bootle?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Are there restrictive covenants that are commonly picked up during conveyancing in Bootle?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bootle. 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 Bootle differ for newly converted properties?
Most buyers of new build property in Bootle contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because developers in Bootle tend to 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 conveyancing solicitors 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 Bootle or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Bootle I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Bootle suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.