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DB UK Bank Conveyancing Panel : Questions and Answers
I am progressing with the sale of my apartment and the estate agent has just called to advise that the purchasers are changing their property lawyer. The reason given is that DB UK Bank will only engage with solicitors on their conveyancing panel. Why would a leading lender only work with certain solicitors?
Mortgage companies 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 25 years.
Lenders point to the increase in fraud as the reason 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company DB UK Bank will not agree to this. Why was DB UK Bank even consulted?
Your lawyer being on the DB UK Bank conveyancing panel is duty bound to inform DB UK Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to DB UK Bank then they would have to discontinue acting for you and DB UK Bank.
Is it necessary during the course of the conveyancing process to attend the offices of the DB UK Bank conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can attend their offices if necessary.
As opposed to twenty 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 Newcastle
I was expecting to move into my dream home last Thursday. My lawyer’s firm is on the DB UK Bank conveyancing panel but has moved offices in the past couple of months and had not informed DB UK Bank of their new address. DB UK Bank is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local DB UK Bank branch or your mortgage broker to see if they can help.
When it comes to lenders such as DB UK Bank do lawyers 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.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with DB UK 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 DB UK Bank involved you will need to appoint a solicitor on the DB UK 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 DB UK Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the DB UK Bank conveyancing panel.
The mortgage over my property is with DB UK Bank. Conveyancing has been completed a year ago. If I am intending 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 DB UK Bank?
Your original mortgage agreement with DB UK Bank will provide that you need their approval in advance of renting your property as this is likely to be a breach of DB UK Bank’s mortgage conditions. It may be that DB UK Bank will allow you to rent 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 DB UK Bank directly. You need not do this via a DB UK Bank conveyancing panel lawyer.