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Banks and Clients Conveyancing Panel : Questions and Answers
The solicitor my husband and I had intended to instruct on a remortgage said she will levy higher legal fees if my lender is due to their unusual legal requirements. Will I regret using Banks and Clients? Is Banks and Clients conveyancing so much more difficult?
Banks and Clients 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 Banks and Clients conveyancing panel. If they are not, this does add further risk of delay as Banks and Clients will appoint their own solicitors to look after their interest.
Our lawyer has discovered a defect with the lease for the apartment we are purchasing. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the Banks and Clients conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Banks and Clients?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Banks and Clients are the client. A precondition to being on the Banks and Clients approved panel is to comply with the CML Handbook requirements (last updated for this lender on Banks and Clients). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Banks and Clients can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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 am planning to acquire a flat and require a conveyancing solicitor in Liverpool who is on the Banks and Clients solicitor. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Banks and Clients . We don’t recommend any particular firm.
I was scheduled to move into my first house last Thursday. My lawyer’s firm is on the Banks and Clients solicitors panel but has changed address 8 weeks ago and had not advised Banks and Clients of their new address. Banks and Clients has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. 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 Banks and Clients branch or your mortgage broker to see if they can assist.
Is it the case that all conveyancing solicitors on the Banks and Clients conveyancing panel work on a no move no charge basis?
In the main there are 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
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Banks and Clients on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Banks and Clients conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Banks and Clients. Unless your lawyer obtains specific confirmation in writing that Banks and Clients will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Banks and Clients to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
Planning on purchasing a flat with a mortgage with Banks and Clients. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Banks and Clients 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 Banks and Clients conveyancing panel
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Transfer of Equity for Banks and ClientsPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors