Find an Approved Solicitor on the Banks and Clients plc
Banks and Clients Conveyancing Panel Recently Asked Questions
My wife and I are first time buyers. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Banks and Clients have this morning contacted us to advise us that they have now hit a problem as our conveyancer is not on their conveyancing panel. Please explain?
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 property lawyers should contact Banks and Clients and see if they can apply for membership of the Banks and Clients conveyancing panel, but if that is not viable Banks and Clients will instruct their own solicitors to act. You don't have to instruct a firm on the Banks and Clients conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our conveyancer has discovered a defect with the lease for the property we are purchasing. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the Banks and Clients conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Banks and Clients?
Just because you have a mortgage offer from Banks and Clients does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Banks and Clients are the client. These conveyancing instructions must be adhered to by the Banks and Clients conveyancing panel who has to balance acting for you and Banks and Clients
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Banks and Clients 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.
I am trying to get my ex-husband removed the mortgage deeds. Can Banks and Clients really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Banks and Clients then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Banks and Clients solicitors panel
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Banks and Clients be concerned
As you are obtaining a mortgage with Banks and Clients your lawyer must to check the Banks and Clients conveyancing instructions contained in the Part of CML Handbook for Banks and Clients . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Banks and Clients where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
For 5 years I had a mortgage with Banks and Clients. My godfather retired last week and wants to pay off my mortgage. After Banks and Clients 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 Banks and Clients conveyancing panel? I do not intend to live at the property once the Banks and Clients mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Banks and Clients 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.
I have a mortgage with Banks and Clients. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Banks and Clients?
Your original mortgage agreement with Banks and Clients will provide that you need their approval prior to renting your property as this is likely to be a breach of Banks and Clients’s mortgage conditions. It may be that Banks and Clients will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Banks and Clients directly. It should not be necessary to do this via a Banks and Clients conveyancing panel solicitor.