Find an Approved Solicitor on the Metro Bank plc
Examples of recent questions relating to the Metro Bank Conveyancing Panel
I am progressing with the sale of my apartment and the EA has just telephoned to say that the buyers are appointing a new law firm. I am told that this is due to the fact that Metro Bank will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with specific solicitors?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase 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 difference between the information in Metro Bank’s home valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the Metro Bank conveyancing panel he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
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 you.
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 conveyancing 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.
I was due to complete on my dream home yesterday. My lawyer’s firm is on the Metro Bank conveyancing panel but has changed address 8 weeks ago and had not informed Metro Bank of their new address. Metro Bank has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Metro Bank branch or your mortgage broker to see if they can assist.
My husband and I are spending time viewing apartments and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Metro Bank
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer 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.
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.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Metro Bank on various 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. I simply dont know who is right
As long as the conveyancer is on the Metro Bank panel she or he must comply with the CML Handbook 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.