Find an Approved Solicitor on the Landbay Partners Ltd
Conveyancing Panel
Common questions asked concerning the Landbay Partners Conveyancing Panel
My wife and I are first time buyers. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Landbay Partners have this afternoon contacted us to advise us that there is now an issue as our lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Landbay Partners and see if they can apply for membership of the Landbay Partners conveyancing panel, but if that is not viable Landbay Partners will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Landbay Partners conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I are refinancing our maisonette with Landbay Partners. We have a son 18 who lives with us. The solicitor on the Landbay Partners conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Landbay Partners conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Landbay Partners .This is solely used to protect the Landbay Partners if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Landbay Partners had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Landbay Partners 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.
I am considering refinancing my flat does my lawyer need to be on the Landbay Partners Solicitor panel?
In theory, you could use a solicitor that is not on Landbay Partners conveyancing panel, but Landbay Partners would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Is it common for Landbay Partners to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Landbay Partners can withdraw their mortgage offer although this is unusual. In the unlikely event that Landbay Partners withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
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Landbay Partners may amend or withdraw an offer if the Landbay Partners conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
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Many mortgage offers have an expiry date. Your lawyer should check this. Landbay Partners may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
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Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
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Where to proceed with the Mortgage offer would be unlawful
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If the solicitor on the Landbay Partners conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Landbay Partners ‘s instructions
I have a mortgage with Landbay Partners. My grandfather has just retired and wants to pay off the mortgage left on the property. After Landbay Partners 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 Landbay Partners conveyancing panel? I do not intend to live at the property once the Landbay Partners mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Landbay Partners 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.
Completion of my remortgage has taken place with a mortgage from Landbay Partners. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Landbay Partners. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the Landbay Partners branches or the Customer Services Team at Landbay Partners head office. In most cases complaints to Landbay Partners are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.