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Can you please explain the reason why all UK lawyers aren't included on the Nationwide BS 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.
I am buying a newly constructed flat and my lawyer is advising me that she has to reveal incentives from the builder as her practice is on the Nationwide Building Society conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Nationwide Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Nationwide BS). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the lawyers identified as being on the Nationwide Building Society conveyancing panel, together with their details provided by Nationwide BS?
The firms themselves provide us confirmation that they are on the Nationwide BS conveyancing panel as opposed to being supplied with a list from Nationwide Building Society directly.
I was expecting to move into my first house two days ago. My lawyer’s firm is on the Nationwide BS conveyancing panel but has changed address 8 weeks ago and had not advised Nationwide Building Society of their new address. Nationwide BS is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Nationwide Building Society branch or your mortgage broker to see if they can assist.
We have a mortgage agreed in principle with Nationwide BS. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Nationwide BS?
Some lenders take longer than others. Have Nationwide Building Society conducted the valuation? Have you advised Nationwide BS as your lawyers details and checked that your lawyer is on the Nationwide Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to move forward? I plan to obtain a mortgage with Nationwide BS. Is it possible to avoid using solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Nationwide Building Society involved you will need to appoint a solicitor on the Nationwide BS conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Nationwide Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Nationwide BS conveyancing panel.
Can I register a complaint to Nationwide Building Society about the lawyers being on the Nationwide BS conveyancing panel?
Complaining to Nationwide Building Society about their conveyancing panel is unlikely to yield much of a response. Every solicitor firm and conveyancer must have a complaints procedure. You can get information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.