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Ready to buy a new home? Failing to check that a lawyer is on the Ecology BS list of approved solicitors can put your transaction at risk of delay or failure.
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I instructed a law firm to work on my remortgage three weeks ago having applied for a mortgage with Ecology Building Society. The solicitors assured me that they are on Ecology Building Society conveyancing panel and provided me their panel number. Ecology Building Society then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Ecology Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Ecology Building Society conveyancing panel You may wish to enlist the help of your broker to check with the Ecology Building Society as to how long they think it will take to get the firm to get back on the panel.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Ecology Building Society was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer has advised that as she is on the Ecology Building Society conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions to being on the Ecology Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Ecology Building Society)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Ecology Building Society.
Are the lawyers identified as being on the Ecology Building Society conveyancing panel, together with their details provided by Ecology Building Society?
The law firm practices themselves provide us confirmation that they are on the Ecology Building Society conveyancing panel as opposed to being supplied with a list from Ecology Building Society directly.
I am remortgaging my home does my lawyer need to be on the Ecology Building Society Conveyancing panel?
In theory, you could use a solicitor that is not on Ecology Building Society conveyancing panel, but Ecology Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Is it the case that all conveyancing solicitors on the Ecology Building Society conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Ecology Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Ecology Building Society. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Ecology Building Society involved you will need to appoint a solicitor on the Ecology Building Society 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 Ecology Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Ecology Building Society conveyancing panel.
I have a mortgage with Ecology Building Society. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Ecology Building Society?
You must advise Ecology Building Society in advance of letting out your property as this is likely to be a breach of Ecology Building Society’s mortgage conditions. It may be that Ecology Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Ecology Building Society directly. It should not be necessary to do this via a Ecology Building Society conveyancing panel solicitor.