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approved by Earl Shilton BS
Ready to buy a new home? Failing to check that a lawyer is on the Earl Shilton BS list of approved solicitors can put your transaction at risk of delay or failure.
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On what basis would a law firm be removed from the Earl Shilton Building Society solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been excluded from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Earl Shilton Building Society
My conveyancer has spotted a discrepancy between the assumptions in Earl Shilton Building Society’s home valuation survey and what is revealed within the title deeds. My solicitor says that as he is on the Earl Shilton Building Society conveyancing panel he is duty bound to check that the bank is happy with this discrepancy and is content go ahead. Is my solicitor’s course or action appropriate?
A precondition to being on the Earl Shilton Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Earl Shilton Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Are the lawyers identified as being on the Earl Shilton Building Society conveyancing panel, together with their details provided by Earl Shilton Building Society?
The law firm practices themselves provide us confirmation that they are on the Earl Shilton Building Society conveyancing panel as opposed to being supplied with a list from Earl Shilton Building Society directly.
My grandmother passed away last year and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Earl Shilton Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Earl Shilton Building Society will insist on your using a conveyancer on the Earl Shilton Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Earl Shilton Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Earl Shilton Building Society mortgage is registered as a charge at the Land Registry.
Do conveyancing solicitors on the Earl Shilton Building Society conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Earl Shilton Building Society conveyancing panel requirements are different to Earl Shilton Building Society’s conveyancing panel requirements.
We have a mortgage agreed in principle with Earl Shilton Building Society. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Earl Shilton Building Society?
Some lenders take longer than others. Have Earl Shilton Building Society done the survey? Have you advised Earl Shilton Building Society as your lawyers details and checked that your lawyer is on the Earl Shilton Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through