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approved by Masthaven
Ready to buy a new home? Failing to check that a lawyer is on the Masthaven list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Masthaven Bank Conveyancing Panel? How can my firm be reinstated onto the Masthaven Bank Conveyancing Panel?Find an Approved Solicitor on the Masthaven Bank Conveyancing Panel
Q and A’s regarding the Masthaven Bank Conveyancing Panel
I am hoping to receive a offer of a mortgage from Masthaven Bank. I would like to use a Licensed Conveyancer. Does the Masthaven Bank Conveyancing panel include conveyancers regulated by the CLC
Masthaven Bank’s approved solicitor list is, like many other lenders represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
can you help? My conveyancer is assuring me that she is duty-bound to conduct a Local Authority search stemming from the fact that the firm are on the Masthaven Bank approved lawyer panel. The searches cost a lot of money. Can this be avoided?
You have limited options available to you. Given that you are taking out a loan with Masthaven Bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Masthaven Bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Masthaven Bank. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the Masthaven Bank conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Masthaven Bank conveyancing panel as opposed to being supplied with a list from Masthaven Bank directly.
What happens if my lawyer’s firm is suspended from the Masthaven Bank Solicitor panel in advance of the completion date?
The first thing to point out is that, 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 ti 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 the 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 for a fee.
Are all conveyancing solicitors on the Masthaven Bank conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Masthaven Bank conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Can I be sure that the solicitor on the Masthaven Bank panel is any good?
seeking recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor handling your conveyancing
I have a mortgage with Masthaven Bank. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Masthaven Bank?
Masthaven Bank must be informed of your intention in advance of renting your property as this is likely to be a breach of Masthaven Bank’s mortgage conditions. It may be that Masthaven Bank will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Masthaven Bank directly. You need not do this via a Masthaven Bank conveyancing panel lawyer.
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Transfer of Equity for Masthaven BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors