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A lawyer my husband and I had intended to instruct on a remortgage said he would charge more if my lender is due to their unusual legal requirements. Am I likely to be frustrated using Monmouthshire Building Society? Any comments will be appreciated
Monmouthshire Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Monmouthshire Building Society conveyancing panel. If they are not, this does add further risk of delay as Monmouthshire Building Society will appoint their own solicitors to look after their interest.
I do hope you can help me. My solicitor is advising me that he is legally obliged to order a Local Authority search stemming from the fact that the firm are on the Monmouthshire Building Society approved lawyer panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Monmouthshire Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Monmouthshire Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Monmouthshire Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Is it necessary during the course of the conveyancing process to visit the offices of the Monmouthshire Building Society conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Manchester so that I can pop in to their offices if necessary.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester .
I am considering applying for a Monmouthshire Building Society mortgage for purchase of a new build (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Monmouthshire Building Society?
In theory, you could use a solicitor that is not on Monmouthshire Building Society conveyancing panel, but Monmouthshire Building Society 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.
We were going to get a DIP from Monmouthshire Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Monmouthshire Building Society recommend a solicitor on the Monmouthshire Building Society conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Monmouthshire Building Society conveyancing panel. The solicitor represents both you and the Monmouthshire Building Society through the process.
I am due to exchange contracts on my house. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Monmouthshire Building Society are being pedantic. The solicitor who is on the Monmouthshire Building Society conveyancing panel is saying indemnity insurance will be fine 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.
Monmouthshire Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Monmouthshire Building Society or your broker and complete any relevant paperwork. Monmouthshire Building Society will tell you what documents they want. Monmouthshire Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Monmouthshire Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.