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Ready to buy a new home? Failing to check that a lawyer is on the Nottingham BS list of approved solicitors can put your transaction at risk of delay or failure.
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For what reasons would a firm of solicitors be removed from the Nottingham Building Society approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Nottingham Building Society
I am buying a newly constructed flat and my lawyer is advising me that she has to disclose incentives from the developer as her practice is on the Nottingham Building Society conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Nottingham Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Nottingham Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I need to find a Nottingham Building Society panel solicitor in Inverness. Can you assist?
It is not clear why you need a Nottingham 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 Nottingham Building Society to find out which solicitors in Nottingham Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
The lawyers that I appointed last week on my house acquisition in Brighton has without warning shut down. They were on acting for me because I had to have a solicitor on the Nottingham Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Do conveyancing lawyers on the Nottingham Building Society conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We were going to get a DIP from Nottingham Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Nottingham Building Society recommend a solicitor on the Nottingham Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Nottingham Building Society conveyancing panel. The solicitor represents both you and the Nottingham Building Society through the process.
I have agreed a price on a house I spoke to a solicitor previously used by my mum and he advised using a solicitor approved by Nottingham Building Society. The estate agent recommended two local firms so I asked Nottingham Building Society if the 2 suggested solicitors are approved, which they are not. Nottingham Building Society pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Nottingham Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Nottingham Building Society to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Nottingham Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Nottingham Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Nottingham Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.