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I am in the process of selling my house and the EA has just telephoned to advise that the buyers are appointing a new solicitor. The excuse is that Holmesdale Building Society will only engage with solicitors on their approved list. On what basis would a major mortgage company only work with specific lawyers?
Banks 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 Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 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 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.
My lawyer is asking me for personal identification documents asserting that this is part of his requirements as a solicitor on the Holmesdale Building Society Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Holmesdale Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Holmesdale Building Society CML Handbook requirements last updated on Holmesdale Building Society
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Holmesdale Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My conveyancers in Manchester have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Holmesdale Building Society. Is it case that being on the Holmesdale Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements 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 Holmesdale Building Society Conveyancing Panel Terms. It might be worth you contacting Holmesdale Building Society directly.
When it comes to lenders such as Holmesdale 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.
Is it the case that all conveyancing solicitors on the Holmesdale Building Society conveyancing panel work on a no move no charge basis?
There is generally 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 service
The for formalities of my remortgage has taken place with a loan from Holmesdale Building Society. Conveyancing was satisfactory but I would like to complain about Holmesdale Building Society. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the Holmesdale Building Society branches or the Customer Services Department at Holmesdale Building Society head office. We understand that complaints to Holmesdale Building Society are sorted out very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.