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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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FAQs for the Monmouthshire Building Society Conveyancing Panel
We are hoping to buy a 3 bedroom flat in Newcastle with a mortgage from Monmouthshire Building Society. We have a solicitor but Monmouthshire Building Society says he's not on their "panel". We have to appoint one of the Monmouthshire Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Monmouthshire Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Monmouthshire Building Society
We are getting closer to 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 make a notification 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 home loan 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.
I am searching for competitive conveyancing fees. Can I be sure that all the law firms that are identified on your website are on the Monmouthshire Building Society conveyancing panel?
The law firms on our directory have advised us that they are on the Monmouthshire Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Monmouthshire Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Monmouthshire Building Society conveyancing panel is not accurate.
I am trying to get my ex-husband removed the mortgage deeds. Can Monmouthshire Building Society really insist on which solicitor I can or can not use?
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
I had instructed online solicitors based in Manchester who are on the Monmouthshire Building Society solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Monmouthshire Building Society mortgage. Is this an additional conveyancing fee set by Monmouthshire Building Society?
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 Monmouthshire Building Society but by your lawyers. Some firms on the Monmouthshire Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I am currently in the process of buying my council flat. I have a mortgage offer with Monmouthshire Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Monmouthshire Building Society you will need to appoint a solicitor on the Monmouthshire Building Society conveyancing panel.
Completion of my remortgage has taken place with a loan from Monmouthshire Building Society. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Monmouthshire Building Society. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the Monmouthshire Building Society branches or the Customer Services Team at Monmouthshire Building Society head office. In most cases complaints to Monmouthshire Building Society are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service who will take matters further.