Find an Approved Solicitor on the Ecology Building Society
FAQs for the Ecology Building Society Conveyancing Panel
I am in the process of selling my maisonette and the EA has just e-mailed to say that the buyers are swapping conveyancer. The reason given is that Ecology Building Society will only work with solicitors on their approved list. Why would a leading mortgage company only work with certain law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise 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 hearing daily from firms 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.
Can you clarify something for me?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Ecology Building Society was date stamped random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My solicitor informs me that as she is on the Ecology Building Society conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Ecology Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Ecology Building Society)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Ecology Building Society.
How up to date is your database of lawyers on the Ecology Building Society conveyancing panel? Do Ecology Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Ecology Building Society conveyancing panel as opposed to being supplied with a list from Ecology Building Society directly.
My lawyers in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Ecology Building Society. Is it case that being on the Ecology Building Society conveyancing panel they need to have retained the file for a prescribed period?
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 Ecology Building Society Conveyancing Panel Terms. It might be worth you contacting Ecology Building Society directly.
Do conveyancing lawyers on the Ecology Building Society conveyancing panel work on a no move no charge basis?
On the whole 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
The mortgage over my property is with Ecology Building Society. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Ecology Building Society?
Ecology Building Society must be informed of your intention in advance of renting your property as this is likely to be a breach of Ecology Building Society’s mortgage conditions. In many cases banks or building societies 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 Ecology Building Society directly. It should not be necessary to do this via a Ecology Building Society conveyancing panel lawyer.
Me and my partner are purchasing a flat in Hendon. Conveyancing solicitors in Hendon are about to beappointed. My motherrecommended that we enquire that the solicitor in Hendon is on the Ecology Building Society panel. Is this really necessary?
It is not that case that all Hendon conveyancing firms are on the Ecology Building Society conveyancing panel. 8 people a month use our search tool to find a Hendon conveyancing lawyer
on the on the Ecology Building Society approved list of lawyers.