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FAQs : The Clydesdale Bank Solicitor Panel
I am in the process of selling my flat and the EA has just called to warn that the purchasers are swapping conveyancer. The excuse is that Clydesdale Bank will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work 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 decades.
Lenders blame a rise 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 being contacted daily by practices 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.
My partner and I intend to remortgage our apartment with Clydesdale Bank. We have a son approaching twenty who lives with us. The solicitor on the Clydesdale Bank conveyancing panel has asked us to disclose any adults 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 flat is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Clydesdale Bank conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Clydesdale Bank 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 Clydesdale Bank .This is solely used to protect the Clydesdale Bank 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 Clydesdale Bank 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.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Clydesdale Bank conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Leeds
so that I can attend their offices if necessary.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Leeds
.
My lawyers in London have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Clydesdale Bank. Is it case that being on the Clydesdale Bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Clydesdale Bank Conveyancing Panel Terms. It might be worth you contacting Clydesdale Bank directly.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I hope to get a mortgage with Clydesdale Bank. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Clydesdale Bank involved you will need to appoint a solicitor on the Clydesdale Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Clydesdale Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Clydesdale Bank conveyancing panel.
We have had an offer accepted on a house I spoke to a conveyancer recommended by my dad and he suggested instructing a law firm approved by Clydesdale Bank. The estate agent recommended two local firms so I asked Clydesdale Bank if the 2 suggested solicitors are approved, which they are not. Clydesdale Bank suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Clydesdale Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Clydesdale Bank to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Clydesdale Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Clydesdale Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Clydesdale Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Clydesdale Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Clydesdale Bank or your broker and complete any relevant paperwork. Clydesdale Bank will tell you what documents they want. Clydesdale Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Clydesdale Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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