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Ready to buy a new home? Failing to check that a lawyer is on the Metro Bank 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 Metro Bank plc Conveyancing Panel? How can my firm be reinstated onto the Metro Bank plc Conveyancing Panel?Find an Approved Solicitor on the Metro Bank plc Conveyancing Panel
FAQs for the Metro Bank Solicitor Panel
I appointed a firm of solicitors to work on my house purchase six weeks ago having applied for a mortgage with Metro Bank. The firm assured me that they are on Metro Bank conveyancing panel and advised me their panel reference. Metro Bank then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the approved panel for Metro 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 Metro Bank conveyancing panel You may wish to enlist the help of your broker to check with the Metro Bank as to how long they think it will take to get the firm to get back on the panel.
I am purchasing a brand new duplex and my lawyer is informing me that she is duty bound to disclose incentives from the seller as her practice is on the Metro Bank conveyancing panel. I am on a tight deadline to exchange and my preference is not to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Metro Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Metro Bank). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the lawyers identified as being on the Metro Bank conveyancing panel, together with their details provided by Metro Bank?
The firms themselves provide us confirmation that they are on the Metro Bank conveyancing panel as opposed to being supplied with a list from Metro Bank directly.
Please explain the implications if my lawyer’s firm is removed from the Metro Bank Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
The first thing to point out is that, 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.
In what circumstances might Metro Bank amend or withdraw their mortgage offer?
Banks and Building Societies such as Metro Bank can revoke their mortgage offer although this is unusual. should Metro 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 a few examples:
- Metro Bank may amend or withdraw an offer if the Metro Bank conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Metro Bank may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Metro Bank conveyancing panel solicitors would be obliged to notify Metro Bank of a change in the price of the property.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where the Lender’s right to possession is fettered in some way
I have agreed a price on a flat I spoke to a conveyancer recommended by my dad and he suggested using a property lawyers approved by Metro Bank. The estate agent recommended two local firms so I asked Metro Bank if the 2 suggested solicitors are approved, which they are not. Metro Bank pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Metro Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Metro Bank for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Metro Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Metro Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Metro Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I'm spending time looking at apartments and now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a home loan with Metro Bank
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Metro Bank , make sure you remember to check that your lawyer is on the Metro Bank conveyancing panel.
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