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Ready to buy a new home? Failing to check that a lawyer is on the Ecology BS list of approved solicitors can put your transaction at risk of delay or failure.
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Q and A’s regarding the Ecology Building Society Solicitor Panel
I am in the process of selling my house and the EA has just called to say that the buyers are changing their property lawyer. The excuse is that Ecology Building Society will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only deal 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 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.
We are only a couple days away from an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Ecology Building Society. I am advised that, being on the Ecology Building Society conveyancing panel and acting on their behalf he must inform Ecology Building Society if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Ecology Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Ecology Building Society if you agree, failing which, your lawyer must cease to continue acting.
Is it necessary during the course of the conveyancing process to attend the offices of the Ecology Building Society conveyancing panel solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can attend their offices if required.
Whereas this was necessary 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 Manchester
.
I am buying a terraced house and getting a mortgage with Ecology Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Ecology Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Ecology Building Society conveyancing panel in your location.
Do the majority of lenders 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 Ecology Building Society conveyancing panel requirements are different to Ecology Building Society’s conveyancing panel criteria.
Why might a lender such as Ecology Building Society withdraw a mortgage offer?
Banks and Building Societies such as Ecology Building Society can revoke their mortgage offer although this is unusual. should Ecology Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- Where information comes to Ecology Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender has to take account a recent change in taxation
- Where the Lender’s right to possession is fettered in some way
Planning on purchasing a flat with a mortgage with Ecology Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Ecology Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Ecology Building Society conveyancing panel