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I appointed a solicitor to carry out on my purchase six weeks ago having applied for a mortgage with Bank of Ireland. The solicitors confirmed to me that they are on Bank of Ireland conveyancing panel and advised me their panel reference. Bank of Ireland then called me to say that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor listed on the approved panel for Bank of Ireland?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Bank of Ireland as to the time frame to get your lawyer reinstated on the panel once again.
My partner and I changing mortgage lender for our maisonette with Bank of Ireland. We have a son 19 who lives with us. The solicitor on the Bank of Ireland conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Bank of Ireland conveyancing panel solicitor is doing the right thing 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 Bank of Ireland .This is solely used to protect the Bank of Ireland 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 Bank of Ireland 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.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the Bank of Ireland conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Bank of Ireland ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
Please explain the implications if my solicitor is expelled from the Bank of Ireland Solicitor panel in advance of completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
When it comes to mortgage companies such as Bank of Ireland do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We were going to get a DIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Bank of Ireland recommend a solicitor on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and the Bank of Ireland through the process.
I have a mortgage with Bank of Ireland. My godfather has just retired and wants to pay off my mortgage. After Bank of Ireland is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Bank of Ireland conveyancing panel? I do not intend to live at the property once the Bank of Ireland mortgage is discharged.
You
will need a solicitor but they need not be on the Bank of Ireland 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. There's no capital gains tax for you as it is
your main residence.
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Transfer of Equity for Bank of IrelandPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors