Find an Approved Solicitor on the Metro Bank plc
Q and A’s regarding the Metro Bank Conveyancing Panel
I am in the process of selling my house and the EA has just e-mailed to warn that the purchasers are changing their law firm. I am told that this is due to the fact that Metro Bank will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain lawyers?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My solicitor has identified a discrepancy between the information in Metro Bank’s valuation survey and what is in the conveyancing documents. My solicitor informs me that as he is on the Metro Bank conveyancing panel he needs to ensure that the lender is with this discrepancy and is content go ahead. Is my conveyancer’s course or action legitimate?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Metro Bank conveyancing panel. My lawyer has said that they are on the Metro 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 Metro 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 Metro Bank solicitor panel.
I am buying a semi-detached house and getting a mortgage with Metro Bank. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Metro Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Metro Bank conveyancing panel in your location.
Are all Conveyancing Quality Solicitors on the Metro Bank conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I have today made my last payment due on mortgage with Metro Bank. I assume I don't need a solicitor on the Metro Bank panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Metro Bank mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Metro Bank mortgage from the register. Metro Bank,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Metro Bank has sent the Land Registry the discharge electronically, and
the Metro Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Metro Bank mortgage has been paid off.
I can not work out if my mortgage offer requires a lease extension . I have called Metro Bank on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Metro Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Metro Bank. Unless your lawyer obtains specific confirmation in writing that Metro Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Metro Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.