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Ready to buy a new home? Failing to check that a lawyer is on the Monmouthshire BS list of approved solicitors can put your transaction at risk of delay or failure.
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I need to swap lawyers as my lawyer is not on the Monmouthshire Building Society panel of conveyancing solicitors. How easy is it to change conveyancer?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
Expecting to complete my purchase next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Monmouthshire Building Society. What does the insurance need to cover?
All property lawyers on the Monmouthshire Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Monmouthshire Building Society’s Part 2 requirements of the CML Handbook (last updated on Monmouthshire Building Society). Being on the Monmouthshire Building Society conveyancing panel your lawyer is expect to follow these instructions.
I am looking to buy a flat and require a conveyancing solicitor in Manchester who is on the Monmouthshire Building Society conveyancing. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Monmouthshire Building Society . We don’t recommend any particular firm.
I was expecting to complete on my first house yesterday. My solicitor is on the Monmouthshire Building Society solicitors panel but has moved offices 8 weeks ago and had not advised Monmouthshire Building Society of their new address. Monmouthshire Building Society is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Monmouthshire Building Society branch or your mortgage broker to see if they can assist.
Is it the case that all conveyancing solicitors on the Monmouthshire Building Society conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Monmouthshire Building Society conveyancing panel requirements are different to Monmouthshire Building Society’s conveyancing panel criteria.
I am due to exchange contracts on my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Monmouthshire Building Society are being difficult. The solicitor who is on the Monmouthshire Building Society conveyancing panel is recommending indemnity insurance as a solution but Monmouthshire Building Society are insisting on a building regulation certificate. Why do Monmouthshire Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Monmouthshire Building Society have referred the matter to their valuer. The reason why Monmouthshire Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.