Is the fact that my conveyancer in Old Stratford is not on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% 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 lawyer 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 contact the Old Stratford conveyancing firm and ask them why they are no longer on the approved list for your bank.
My partner and I swapping mortgage lender for our penthouse in Old Stratford with Virgin Money. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Virgin Money conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel lawyer as I would prefer to use a high street conveyancing solicitor in Old Stratford?
Do check but the chances are that give you one of their panel conveyancers where you take up the "fee-free" offer. Contact the mortgage company to ask if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Old Stratford.
I decided to have a survey done on a house in Old Stratford prior to retaining conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders may not grant a loan on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you e-mail us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Old Stratford. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it best to use a Old Stratford conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can carry out the legal formalities but his firm is located a couple of hundredkilometers drive away.
The benefit of a high street Old Stratford conveyancing practice is that you can pop in to sign documents, deliver your identification documents and pester them where appropriate. Having local Old Stratford know how is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and the majority were happy that should trump using an unknown Old Stratford conveyancing solicitor just because they are round the corner.