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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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Monmouthshire Building Society Conveyancing Panel : Questions and Answers
Is there a reason why all property lawyers are not on the Monmouthshire Building Society Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
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 Monmouthshire Building Society will not agree to this. Why was Monmouthshire Building Society even consulted?
Your lawyer being on the Monmouthshire Building Society conveyancing panel is duty bound to inform Monmouthshire Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Monmouthshire Building Society then they would have to discontinue acting for you and Monmouthshire Building Society.
I require the services of a Monmouthshire Building Society panel solicitor in Inverness. Can you assist?
It is not clear why you need a Monmouthshire Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Monmouthshire Building Society to find out which solicitors in Monmouthshire Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am trying to get my ex-husband removed the mortgage deeds. Can Monmouthshire Building Society really tell me which solicitor I can or can not instruct?
You can use any solicitor you like but Monmouthshire Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Monmouthshire Building Society solicitors panel
Do conveyancing solicitors on the Monmouthshire Building Society conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
The mortgage over my property is with Monmouthshire Building Society. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Monmouthshire Building Society?
Monmouthshire Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Monmouthshire Building Society’s mortgage conditions. It may be that Monmouthshire Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Monmouthshire Building Society directly. It should not be necessary to do this via a Monmouthshire Building Society conveyancing panel solicitor.
The for formalities of my purchase has taken place with a mortgage from Monmouthshire Building Society. Conveyancing was satisfactory but I would like to complain about Monmouthshire Building Society. How do I make a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the Monmouthshire Building Society branches or the Customer Care Team at Monmouthshire Building Society head office. In most cases complaints to Monmouthshire Building Society are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.