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approved by Banks & Clients
Ready to buy a new home? Failing to check that a lawyer is on the Banks & Clients list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?
How does my firm apply to be on the Banks and Clients plc Conveyancing Panel? How can my firm be reinstated onto the Banks and Clients plc Conveyancing Panel?Find an Approved Solicitor on the Banks and Clients plc Conveyancing Panel
Common questions asked concerning the Banks and Clients Solicitor Panel
My lawyer has never been on on the Banks and Clients Solicitor Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the Banks and Clients approved list?
You will need to have a conveyancer complete the legal work required when you take out a Banks and Clients mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Banks and Clients conveyancing panel additional costs will be incurred as separate legal representation will be required by Banks and Clients. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
I am buying a newly built flat and my lawyer is advising me that she is duty bound to disclose incentives from the seller as her practice is on the Banks and Clients conveyancing panel. I am on a tight deadline to exchange and I would rather not delay the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Banks and Clients approved panel is to comply with the CML Handbook requirements (last updated for this lender on Banks and Clients). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
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 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.
What happens if my solicitor is expelled from the Banks and Clients Conveyancing panel in advance of the completion date?
The first thing to point out is that, 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 for a fee.
I am about to exchange contracts on a purchase with a mortgage from Banks and Clients. The report from my solicitor mentions that Banks and Clients could withdraw their offer before completion. Is this right?
Lenders such as Banks and Clients can revoke their mortgage offer although this rarely happens. If Banks and Clients withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
- Where information comes to Banks and Clients ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Banks and Clients conveyancing panel solicitors would be obliged to notify Banks and Clients of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender has to take account a recent change in law
- If the solicitor on the Banks and Clients conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Banks and Clients ‘s instructions
I have paid off my mortgage with Banks and Clients. I assume I don't need a solicitor on the Banks and Clients panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Banks and Clients mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Banks and Clients mortgage from the register. Banks and Clients,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Banks and Clients has sent the Land Registry the discharge electronically, and
the Banks and Clients has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Banks and Clients mortgage has been paid off.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Banks and Clients?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Banks and Clients conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Banks and Clients and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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Transfer of Equity for Banks and ClientsPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors