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Ready to buy a new home? Failing to check that a lawyer is on the Masthaven 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 Masthaven Bank Conveyancing Panel? How can my firm be reinstated onto the Masthaven Bank Conveyancing Panel?Find an Approved Solicitor on the Masthaven Bank Conveyancing Panel
Masthaven Bank Conveyancing Panel : Questions and Answers
I appointed a solicitor to conveyancing on my purchase six weeks ago having applied for a mortgage with Masthaven Bank. The solicitors assured me that they are on Masthaven Bank conveyancing panel and provided me their panel reference. Masthaven Bank then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for Masthaven Bank?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Masthaven Bank conveyancing panel You may wish to enlist the help of your broker to check with the Masthaven Bank as to how long they think it will take to get the firm to get back on the panel.
Expecting to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Masthaven Bank. What does the insurance need to cover?
Any lawyer on the Masthaven Bank conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Masthaven Bank’s Part 2 requirements of the CML Handbook (last updated on Masthaven Bank). Being on the Masthaven Bank conveyancing panel your lawyer is expect to follow these requirements.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Masthaven Bank conveyancing panel. My lawyer has said that they are on the Masthaven Bank 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 Masthaven Bank 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 Masthaven Bank solicitor panel.
I am in the process of mortgaging my property does my lawyer need to be on the Masthaven Bank Solicitor panel?
There is nothing to stop you using your solicitor but Masthaven Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Are all conveyancing solicitors on the Masthaven Bank conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Masthaven Bank conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I am about to exchange contracts on a purchase with a mortgage from Masthaven Bank. The report from my solicitor mentions that Masthaven Bank could withdraw their offer before completion. Is this right?
Lenders such as Masthaven Bank can withdraw their mortgage offer although this rarely happens. If Masthaven Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- If the borrower informs Masthaven Bank of a change in security address
- Where the sale is not at arms length for value to unconnected persons
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the solicitor on the Masthaven Bank conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Masthaven Bank ‘s instructions
After much negotiation I have agreed a price on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Masthaven Bank conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Masthaven Bank panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
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