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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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We are buying a 3 bedroom apartment in Leeds with a mortgage from Metro Bank. We like our lawyer but Metro Bank says she’s not on their "panel". It seems we have little choice but to instruct one of the Metro Bank panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Metro Bank conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Metro Bank
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 Metro Bank will not agree to this. Why was Metro Bank even consulted?
Your lawyer being on the Metro Bank conveyancing panel is duty bound to inform Metro Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Metro Bank then they would have to discontinue acting for you and Metro Bank.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Metro Bank 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.
Can you clarify what the consequences are if my solicitor is removed from the Metro Bank Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
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.
Is there a list of Metro Bank panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Two weeks ago we had a mortgage agreed in principle with Metro Bank. Solicitors have been chosen? How long does it take for Metro Bank to send the offer to our conveyancer
There is no definitive answer here. Have Metro Bank completed the survey? Have you advised Metro Bank as your lawyers details and checked that your lawyer is on the Metro Bank conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I have a mortgage with Metro Bank. My godfather has just retired and wants to pay off the mortgage left on the property. After Metro Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Metro Bank conveyancing panel? I do not intend to live at the property once the Metro Bank mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Metro Bank 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. There's no capital gains tax for you as it is your main residence.