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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
Q and A’s regarding the Metro Bank Solicitor Panel
Am I correct in assuming that the fact that my conveyancer is not on the Metro Bank Conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Metro Bank.
My wife and I are refinancing our apartment with Metro Bank. We have a son 18 who lives with us. The solicitor on the Metro Bank conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Metro Bank conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Metro Bank .This is solely used to protect the Metro Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Metro Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I note that you have a search directory identifying solicitors on the Metro Bank conveyancing panel. Do firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Metro Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am thinking of remortgaging my property does my lawyer have to be on the Metro Bank Solicitor panel?
In theory, you could use a solicitor that is not on Metro Bank conveyancing panel, but Metro Bank would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I previously instructed online conveyancers based in Cardiff who are on the Metro Bank solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Metro Bank mortgage. Is this a supplemental conveyancing fee specified by Metro Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Metro Bank but by your lawyers. Some firms on the Metro Bank will charge an ‘acting for lender’ fee and others do not.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Metro Bank be concerned
Given that your lender is Metro Bank your lawyer must to check the Metro Bank conveyancing instructions contained in the Part of CML Handbook for Metro Bank . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Metro Bank where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I have a mortgage with Metro Bank. My father retired last week and wants to pay off my mortgage. 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.
You
will need a solicitor but they need not be on the Metro Bank conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Other Topics
Transfer of Equity for Metro BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors