Find an Approved Solicitor on the Bank of Ireland as Bank of Ireland Mortgages
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I am in the process of selling my maisonette and the estate agent has just texted me to say that the buyers are changing their law firm. The excuse is that Bank of Ireland Mortgages will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain solicitors?
Banks 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 point to the increase 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 hearing daily from firms 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.
I am purchasing a brand new duplex and my lawyer is informing me that she has to disclose incentives from the builder as her practice is on the Bank of Ireland Mortgages conveyancing panel. I am under pressure to sign contracts and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Bank of Ireland Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Bank of Ireland Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I note that you have a post code search directory listing solicitors on the Bank of Ireland Mortgages conveyancing panel. Do firms pay you a referral fee if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My grandfather passed away last year and as sole heir and executor was left the property. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland Mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Bank of Ireland Mortgages will insist on your using a conveyancer on the Bank of Ireland Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland Mortgages mortgage is registered as a charge at the Land Registry.
I had instructed online conveyancers based in Manchester who are on the Bank of Ireland Mortgages solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Bank of Ireland Mortgages mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Bank of Ireland Mortgages but by your lawyers. Some firms on the Bank of Ireland Mortgages will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
My fiance and I are spending time looking at flats and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Bank of Ireland Mortgages
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 estate agent. As you are getting a mortgage with Bank of Ireland Mortgages , ask your prospective lawyers check they are on the Bank of Ireland Mortgages conveyancing panel otherwise they can't do the mortgage legal work.
We are are purchasing a penthouse in Hendon. Conveyancing solicitors in Hendon are about to beinstructed. My friendadvised that we enquire that the conveyancer in Hendon is on the Bank of Ireland Mortgages list of approved conveyancing firms. Aren't all lawyers on the Bank of Ireland Mortgages panel?
It is not that case that all Hendon conveyancing practices are on the Bank of Ireland Mortgages conveyancing panel. Use the above search tool to find a Hendon conveyancing firm
on the on the Bank of Ireland Mortgages panel.