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Ready to buy a new home? Failing to check that a lawyer is on the Monmouthshire BS 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 Monmouthshire Building Society Conveyancing Panel? How can my firm be reinstated onto the Monmouthshire Building Society Conveyancing Panel?Find an Approved Solicitor on the Monmouthshire Building Society Conveyancing Panel
Q and A’s regarding the Monmouthshire Building Society Conveyancing Panel
I am progressing with the sale of my house and the EA has just e-mailed to advise that the buyers are switching solicitor. I am told that this is due to the fact that Monmouthshire Building Society will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with certain solicitors?
Mortgage companies have always had panels 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.
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.
We are nearing an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Monmouthshire Building Society. Apparently, being on the Monmouthshire Building Society conveyancing panel and acting on their behalf he must inform Monmouthshire Building Society if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Monmouthshire Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Monmouthshire Building Society if you agree, failing which, your lawyer must cease to continue acting.
Do I have to attend the offices of the Monmouthshire Building Society conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Manchester
so that I can attend their offices if required.
Most conveyancing panel lawyers for Monmouthshire Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
Can you clarify what the consequences are if my solicitor is removed from the Monmouthshire Building Society Conveyancing panel prior to the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is a very rare occurrence. 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 at a cost.
Two weeks ago we had a mortgage agreed in principle with Monmouthshire Building Society. Solicitors have been chosen? How long does it take for Monmouthshire Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Monmouthshire Building Society done the survey? Have you advised Monmouthshire Building Society as your lawyers details and checked that your lawyer is on the Monmouthshire Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am selling my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Monmouthshire Building Society are being difficult. The solicitor who is on the Monmouthshire Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Monmouthshire Building Society are insisting on a building regulation certificate. Why do Monmouthshire Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Monmouthshire Building Society have referred the matter to their valuer. The reason why Monmouthshire Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
Next month my fiance and I are purchasing a penthouse in Hendon. Conveyancing solicitors in Hendon are about to beinstructed. My colleaguerecommended that we enquire that the conveyancer in Hendon is on the Monmouthshire Building Society list of approved conveyancing firms. Surely I don't need to do this, do I?
Not all Hendon conveyancing practices are on the Monmouthshire Building Society conveyancing panel. Click here to find a Hendon conveyancing lawyer on the on the Monmouthshire Building Society panel.