Find a Law Firm
approved by Masthaven

Masthaven Bank and other mortgage companies tend to restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Masthaven Bank have no responsibility for the quality of advice provided by any member of Masthaven Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.

Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Masthaven Bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Masthaven Bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Masthaven Bank. even if you were a cash buyer you would be ill advised not to carry out a local authority search.

The firms themselves provide us confirmation that they are on the Masthaven Bank conveyancing panel as opposed to being supplied with a list from Masthaven Bank directly.

This is as unusual as it is unlucky. 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 Masthaven Bank branch or your mortgage broker to see if they can assist.

As a firm of solicitors, in order to be on the Masthaven Bank conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).

There is no definitive answer here. Have Masthaven Bank conducted the survey? Have you advised Masthaven Bank as your lawyers details and checked that your lawyer is on the Masthaven Bank conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued

Although you do need to retain the services of a lawyer they dont need to be on the Masthaven Bank panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.