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approved by Nationwide BS
Ready to buy a new home? Failing to check that a lawyer is on the Nationwide 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 Nationwide Building Society Conveyancing Panel? How can my firm be reinstated onto the Nationwide Building Society Conveyancing Panel?Find an Approved Solicitor on the Nationwide Building Society Conveyancing Panel
Common questions asked concerning the Nationwide BS Conveyancing Panel
I appointed a solicitor to conduct the legal paperwork on my purchase six weeks ago having applied for a mortgage with Nationwide BS. The solicitors confirmed to me that they are on Nationwide Building Society conveyancing panel and advised me their panel reference. Nationwide BS then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the approved panel for Nationwide Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Nationwide BS conveyancing panel You may wish to enlist the help of your broker to check with the Nationwide Building Society as to the time frame to get your lawyer reinstated on the panel once again.
My solicitor has discovered an inconsistency when comparing the surveyor’s assumptions in Nationwide BS’s valuation survey and what is revealed within the conveyancing documents. My solicitor has advised that as he is on the Nationwide Building Society conveyancing panel he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
A precondition to being on the Nationwide BS approved panel is to comply with the CML Handbook requirements (last updated for this lender on Nationwide Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I have to attend the offices of the Nationwide BS conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in London
so that I can attend their offices if required.
Most conveyancing panel lawyers for Nationwide Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am purchasing a right to buy flat and getting a mortgage with Nationwide BS. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Nationwide Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Nationwide BS conveyancing panel in your location.
Are all Conveyancing Quality Solicitors on the Nationwide Building Society conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Is it the case that all conveyancing solicitors on the Nationwide BS 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
My existing mortgage is with Nationwide Building Society. My grandfather retired last week and wants to pay off my mortgage. After Nationwide BS is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Nationwide Building Society conveyancing panel? I do not intend to live at the property once the Nationwide BS mortgage is discharged.
You
will need a solicitor but they need not be on the Nationwide BS 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.