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National Westminster Bank Conveyancing Panel Recently Asked Questions
I am in the process of selling my maisonette and the estate agent has just telephoned to advise that the buyers are changing their law firm. The reason given is that National Westminster Bank will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only work with specific law firms?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender National Westminster Bank. Apparently, being on the National Westminster Bank conveyancing panel and acting on their behalf he must inform National Westminster Bank if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with National Westminster Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to National Westminster Bank if you agree, failing which, your lawyer must cease to continue acting.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the National Westminster Bank solicitor 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 house is up for sale and I have a buyer. Does my solicitor have to be on the National Westminster Bank conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the National Westminster Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My fiance and I are in the process of viewing apartments and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a mortgage with National Westminster Bank
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with National Westminster Bank , make sure you remember to check that your lawyer is on the National Westminster Bank conveyancing panel.
Planning on purchasing a house with a mortgage with National Westminster Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the National Westminster Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the National Westminster Bank conveyancing panel
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with National Westminster Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the National Westminster Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with National Westminster Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.