Find an Approved Solicitor on the Hinckley and Rugby Building Society
Common questions asked concerning the Hinckley and Rugby Conveyancing Panel
I am progressing with the sale of my apartment and the EA has just e-mailed to advise that the purchasers are switching conveyancer. I am told that this is due to the fact that Hinckley and Rugby will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with specific law firms?
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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks 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.
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Hinckley and Rugby was issued 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 says that as she is on the Hinckley and Rugby conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Hinckley and Rugby approved panel is to comply with the CML Handbook requirements (last updated for this lender on Hinckley and Rugby)which states 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 Hinckley and Rugby.
Are the lawyers identified as being on the Hinckley and Rugby conveyancing panel, together with their details provided by Hinckley and Rugby?
The firms themselves provide us confirmation that they are on the Hinckley and Rugby conveyancing panel as opposed to being supplied with a list from Hinckley and Rugby directly.
I am considering applying for a Hinckley and Rugby mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Hinckley and Rugby?
There is nothing to stop you using your solicitor but Hinckley and Rugby will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How can we tell if a solicitor on the Hinckley and Rugby panel is any good?
seeking recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your transaction
The mortgage over my property is with Hinckley and Rugby. Conveyancing has been completed months ago. In the event that I decide 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 Hinckley and Rugby?
You must advise Hinckley and Rugby before renting your property as this is likely to be a breach of Hinckley and Rugby’s mortgage conditions. It may be that Hinckley and Rugby 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 Hinckley and Rugby directly. It should not be necessary to do this via a Hinckley and Rugby conveyancing panel firm.
My ex -wife’s name is on the Hinckley and Rugby mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Hinckley and Rugby mortgage in order to sell?
In terms of the Hinckley and Rugby mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Hinckley and Rugby in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.