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FAQs for the Clydesdale Bank Conveyancing Panel
I am hoping to receive a mortgage with Clydesdale Bank. I intend to employ the services of a Licensed Conveyancer. Does the Clydesdale Bank Solicitor panel exclude Licensed Conveyancers
Clydesdale Bank’s conveyancing panel is, like many other lenders represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My wife and I are refinancing our apartment with Clydesdale Bank. We have a son approaching twenty who lives with us. The solicitor on the Clydesdale Bank conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the Clydesdale Bank conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Clydesdale Bank conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Clydesdale Bank .This is solely used to protect the Clydesdale Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Clydesdale Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are the lawyers identified as being on the Clydesdale Bank conveyancing panel, together with their details provided by Clydesdale Bank?
The firms themselves provide us confirmation that they are on the Clydesdale Bank conveyancing panel as opposed to being supplied with a list from Clydesdale Bank directly.
I was due to complete on my first house two days ago. My solicitor is on the Clydesdale Bank conveyancing panel but has changed address in the past couple of months and had not advised Clydesdale Bank of their new address. Clydesdale Bank has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of 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 Clydesdale Bank branch or your mortgage broker to see if they can assist.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Clydesdale Bank conveyancing panel requirements are different to Clydesdale Bank’s conveyancing panel criteria.
We were going to get a DIP from Clydesdale Bank 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 Clydesdale Bank recommend a solicitor on the Clydesdale Bank 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 Clydesdale Bank conveyancing panel. The solicitor represents both you and the Clydesdale Bank through the process.
Clydesdale Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Clydesdale Bank or your broker and complete any relevant paperwork. Clydesdale Bank will tell you what documents they want. Clydesdale Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Clydesdale Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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