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Ready to buy a new home? Failing to check that a lawyer is on the Holmesdale 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 Holmesdale Building Society Conveyancing Panel
I am hoping to receive a offer of a mortgage from Holmesdale Building Society. my intention is to instruct a Licensed Conveyancer. Does the Holmesdale Building Society Conveyancing panel allow for Licensed Conveyancers
Holmesdale Building Society’s conveyancing panel is, like many other lenders associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Our conveyancer has requested from me identification documents asserting that this is part of his obligations as a solicitor on the Holmesdale Building Society Solicitor 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 lenders provide you with an approved list of solicitors? How do you know who is on the Holmesdale Building Society conveyancing panel?
The firms themselves provide us confirmation that they are on the Holmesdale Building Society conveyancing panel as opposed to being supplied with a list from Holmesdale Building Society directly.
My solicitors in Birmingham have advised me that they can not locate 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 number of years?
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.
Do conveyancing solicitors on the Holmesdale Building Society conveyancing panel work on a no sale no fee 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
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Holmesdale Building Society. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Holmesdale Building Society involved you will need to appoint a solicitor on the Holmesdale Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Holmesdale Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Holmesdale Building Society conveyancing panel.
Why might a lender such as Holmesdale Building Society withdraw a mortgage offer?
Lenders such as Holmesdale Building Society can revoke their mortgage offer although this rarely happens. should Holmesdale Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- Where information comes to Holmesdale 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
- If the borrower informs Holmesdale Building Society of a change in the loan amount agreed
- Where the lender has to take account a recent change in law
- Where the Lender’s right to possession is fettered in some way
- If the solicitor on the Holmesdale Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Holmesdale Building Society ‘s instructions