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Ready to buy a new home? Failing to check that a lawyer is on the Masthaven list of approved solicitors can put your transaction at risk of delay or failure.
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Masthaven Bank Conveyancing Panel : Questions and Answers
Am I correct in assuming that the fact that my solicitor is not isted on the Masthaven Bank Solicitor panel that there is a problem with the quality of her conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Masthaven Bank.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Masthaven Bank was dated random date and we have agreed a date for me to move into the property on Tues etc. My solicitor has advised that as she is on the Masthaven Bank conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Masthaven Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Masthaven Bank)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 Masthaven Bank.
Are the lawyers identified as being on the Masthaven Bank conveyancing panel, together with their details provided by Masthaven Bank?
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.
My lawyers in Liverpool have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Masthaven Bank. Is it case that being on the Masthaven Bank 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 Masthaven Bank Conveyancing Panel Terms. It might be worth you contacting Masthaven Bank directly.
I previously instructed online conveyancers located in Birmingham who are on the Masthaven Bank solicitor panel. They have just invoiced me a separate fee of £150 for dealing with the Masthaven Bank mortgage. Is this a supplemental conveyancing fee set by Masthaven Bank?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Masthaven Bank but by your lawyers. Some firms on the Masthaven Bank will charge an ‘acting for lender’ fee and others do not.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Masthaven Bank. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Masthaven Bank involved you will need to appoint a solicitor on the Masthaven Bank 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 Masthaven Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Masthaven Bank conveyancing panel.
What are the common reasons for a lender such as Masthaven Bank to withdraw a mortgage offer?
Lenders such as Masthaven Bank can withdraw their mortgage offer although this rarely happens. If Masthaven Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Masthaven Bank may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Masthaven Bank of a change in security address
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Masthaven Bank conveyancing panel solicitors would be obliged to notify Masthaven Bank of a change in the price of the property.
- Where the lender has to take account a recent change in taxation
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
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