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Ready to buy a new home? Failing to check that a lawyer is on the Ecology BS 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 Ecology Building Society Conveyancing Panel? How can my firm be reinstated onto the Ecology Building Society Conveyancing Panel?Find an Approved Solicitor on the Ecology Building Society Conveyancing Panel
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My husband and I are purchasing a 1 bedroom flat in Hackney with a mortgage from Ecology Building Society. We like our lawyer but Ecology Building Society says he's not on their "panel". We have to appoint one of the Ecology Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Ecology Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Ecology Building Society
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 Ecology Building Society will not agree to this. Why was Ecology Building Society even consulted?
Your lawyer being on the Ecology Building Society conveyancing panel is duty bound to inform Ecology Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Ecology Building Society then they would have to discontinue acting for you and Ecology Building Society.
How up to date is your search tool for the Ecology Building Society conveyancing panel? Do Ecology Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Ecology Building Society conveyancing panel as opposed to being supplied with a list from Ecology Building Society directly.
The lawyers that just started acting on my house acquisition in Brighton has without warning shut down. I only went with them because I had to have a firm on the Ecology Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Ecology Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help
My wife and I have arranged a further advance on our mortgage from Ecology Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Ecology Building Society conveyancing panel to deal with the paperwork?
Ecology Building Society do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Ecology Building Society list
After much negotiation I have agreed a price on a house. My mortgage broker recommended their conveyancers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Ecology Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Ecology Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three weeks ago that my mortgage has been agreed
to by Ecology Building Society. Is it usual for Ecology Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Ecology Building Society to deal with your lawyers application to be on the Ecology Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.