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I am expecting a mortgage with Ulster Bank. I hope to enlist the help of a Licensed Conveyancer. Does the Ulster Bank Conveyancing panel exclude Licensed Conveyancers
Ulster Bank’s approved solicitor list is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Ulster Bank will not agree to this. Why was Ulster Bank even consulted?
Your lawyer being on the Ulster Bank conveyancing panel is duty bound to inform Ulster Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Ulster Bank then they would have to discontinue acting for you and Ulster Bank.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Ulster Bank conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My lawyers in Birmingham have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Ulster Bank. Is it case that being on the Ulster Bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Ulster Bank Conveyancing Panel Terms. It might be worth you contacting Ulster Bank directly.
I previously instructed online solicitors based in London who are on the Ulster Bank solicitor panel. They have just invoiced me a separate fee of £195 for the legal aspects of the Ulster Bank mortgage. Is this a supplemental conveyancing fee set by Ulster Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Ulster Bank but by your lawyers. Some firms on the Ulster Bank will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I have a mortgage with Ulster Bank. My godfather has just retired and wants to pay off my mortgage. After Ulster Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Ulster Bank conveyancing panel? I do not intend to live at the property once the Ulster Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Ulster Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Ulster Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Ulster Bank or your broker and complete any relevant paperwork. Ulster Bank will tell you what documents they want. Ulster Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Ulster Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
Other Topics
Transfer of Equity for Ulster BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors