Find an Approved Solicitor on the West Bromwich Mortgage Company
Common questions asked concerning the West Bromwich Mortgage Company Solicitor Panel
My husband and I are first time buyers. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. West Bromwich Mortgage Company have this evening contacted us to advise us that there is now an issue as our solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your property lawyers should contact West Bromwich Mortgage Company and see if they can apply for membership of the West Bromwich Mortgage Company conveyancing panel, but if that is not viable West Bromwich Mortgage Company will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the West Bromwich Mortgage Company conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My conveyancer has spotted a discrepancy when comparing the information in West Bromwich Mortgage Company’s home valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the West Bromwich Mortgage Company conveyancing panel he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach right?
A precondition to being on the West Bromwich Mortgage Company approved panel is to comply with the CML Handbook requirements (last updated for this lender on West Bromwich Mortgage Company) 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.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the West Bromwich Mortgage Company solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My solicitors in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with West Bromwich Mortgage Company. Is it case that being on the West Bromwich Mortgage Company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the West Bromwich Mortgage Company Conveyancing Panel Terms. It might be worth you contacting West Bromwich Mortgage Company directly.
We were going to get a DIP from West Bromwich Mortgage Company this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the West Bromwich Mortgage Company recommend a solicitor on the West Bromwich Mortgage Company conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the West Bromwich Mortgage Company conveyancing panel. The solicitor represents both you and the West Bromwich Mortgage Company through the process.
Intending to buy a flat with a mortgage with West Bromwich Mortgage Company. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the West Bromwich Mortgage Company conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the West Bromwich Mortgage Company conveyancing panel
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with West Bromwich Mortgage Company?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the West Bromwich Mortgage Company conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with West Bromwich Mortgage Company and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.