Find an Approved Solicitor on the Monmouthshire Building Society
Monmouthshire Building Society Conveyancing Panel : Questions and Answers
I am in the process of selling my maisonette and the estate agent has just telephoned to warn that the purchasers are changing their conveyancer. The reason given is that Monmouthshire Building Society will only deal with property lawyers on their approved list. Why would a big named lender only work with certain law firms?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise 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 hearing daily from firms 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.
My conveyancer has discovered an inconsistency when comparing the surveyor’s assumptions in Monmouthshire Building Society’s valuation report and what is in the conveyancing documents. My solicitor says that as he is on the Monmouthshire Building Society conveyancing panel he needs to ensure that the bank is with this discrepancy and is content go ahead. Is my lawyer’s approach correct?
A precondition to being on the Monmouthshire Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Monmouthshire Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I need to find a Monmouthshire Building Society panel solicitor in Belfast. Could you help me?
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. After all the cost is only one £1 a month
I am attempting to get my former partner taken off the mortgage deeds. Can Monmouthshire Building Society really insist on which solicitor I can or can not retain?
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
Is it common for Monmouthshire Building Society to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Monmouthshire Building Society can withdraw their mortgage offer although this is unusual. should Monmouthshire Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
Monmouthshire Building Society may amend or withdraw an offer if the Monmouthshire Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
If the financial circumstances of the borrower have changed to the detriment and the Monmouthshire Building Society has been notified
If the borrower informs Monmouthshire Building Society of a change in the loan amount agreed
Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
Where the lender has to take account a recent change in law
I was told four weeks ago that my mortgage has been agreed
to by Monmouthshire Building Society. Is it usual for Monmouthshire Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Monmouthshire Building Society to deal with your lawyers application to be on the Monmouthshire Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
I have instructed a lawyer having checked that they are on the Monmouthshire Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
I've read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Monmouthshire Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Monmouthshire Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Monmouthshire Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Monmouthshire Building Society you could contact your them to see if they have a list of approved surveyors.