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approved by Mansfield Building Society
Ready to buy a new home? Failing to check that a lawyer is on the Mansfield Building Society list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Mansfield Building Society Conveyancing Panel? How can my firm be reinstated onto the Mansfield Building Society Conveyancing Panel?Find an Approved Solicitor on the Mansfield Building Society Conveyancing Panel
Mansfield Building Society Conveyancing Panel : Questions and Answers
On what basis would a law firm be removed from the Mansfield Building Society solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Mansfield Building Society
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Mansfield Building Society will not agree to this. Why was Mansfield Building Society even consulted?
Your lawyer being on the Mansfield Building Society conveyancing panel is duty bound to inform Mansfield Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Mansfield Building Society then they would have to discontinue acting for you and Mansfield Building Society.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Mansfield Building Society conveyancing panel. My lawyer has said that they are on the Mansfield Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Mansfield Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Mansfield Building Society solicitor panel.
Please explain the implications if my solicitor is expelled from the Mansfield Building Society Solicitor panel prior to the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Last month we had a mortgage agreed in principle with Mansfield Building Society. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Mansfield Building Society?
There is no definitive answer here. Have Mansfield Building Society conducted the survey? Have you advised Mansfield Building Society as your lawyers details and checked that your lawyer is on the Mansfield Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I have a mortgage with Mansfield Building Society. My godfather has just retired and wants to pay off the mortgage left on the property. After Mansfield 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 Mansfield Building Society conveyancing panel? I do not intend to live at the property once the Mansfield Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Mansfield 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.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Mansfield Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Mansfield Building Society you will need to appoint a solicitor on the Mansfield Building Society conveyancing panel.