Find an Approved Solicitor on the Monmouthshire Building Society
FAQs : The Monmouthshire Building Society Conveyancing Panel
The conveyancer I had intended to instruct on a purchase said he will levy higher legal fees if my mortgage is with Monmouthshire Building Society because of their unusual legal requirements. Will I regret 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.
Our god-son is buying a newly built flat with a home loan from Monmouthshire Building Society. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Monmouthshire Building Society conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Monmouthshire Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Monmouthshire Building Society conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Monmouthshire Building Society conveyancing panel as opposed to being supplied with a list from Monmouthshire Building Society directly.
I am selling my house. Does my solicitor have to be on the Monmouthshire Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Monmouthshire Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Are all Conveyancing Quality Solicitors on the Monmouthshire Building Society conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
When it comes to lenders such as Monmouthshire Building Society do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can I be sure that the solicitor on the Monmouthshire Building Society panel is any good?
Getting recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your conveyancing