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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.
Looking for information about your firm's panel status?How does my firm apply to be on the Ecology Building Society Conveyancing Panel? How can my firm be reinstated onto the Ecology Building Society Conveyancing Panel?
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FAQs : The Ecology Building Society Conveyancing Panel
My fiance and I are purchasing a 1 bedroom flat in Newcastle with a mortgage from Ecology Building Society. We have a solicitor but Ecology Building Society says he's not on their "panel". It seems we have little choice but to instruct one of the Ecology Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Ecology Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Ecology Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Ecology Building Society
Much to my surprise my lawyer has requested from me personal identification documents asserting that this is part of his legal duty as a solicitor on the Ecology Building Society Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Ecology Building Society your lawyer also has to check ID documents to satisfy Ecology Building Society
I have been Googling for competitive conveyancing fees. Can I be assured that all the law firms that are listed on your directory are on the Ecology Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Ecology Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Ecology Building Society panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Ecology Building Society conveyancing panel is incorrect.
My grandfather passed away last year and as sole heir and executor was left the property. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Ecology Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Ecology Building Society will insist on your using a conveyancer on the Ecology 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 Ecology 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 Ecology Building Society mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as Ecology Building Society do solicitors 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.
Two weeks ago we had a mortgage agreed in principle with Ecology Building Society. Solicitors have been instructed? How long does it take for Ecology Building Society to send the offer to our conveyancer
There is no definitive answer here. Have Ecology Building Society conducted the valuation? Have you advised Ecology Building Society as your lawyers details and checked that your lawyer is on the Ecology Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
My existing mortgage is with Ecology Building Society. My uncle has just retired and wants to pay off my mortgage. After Ecology Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Ecology Building Society conveyancing panel? I do not intend to live at the property once the Ecology Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Ecology Building Society panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.