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I am in the process of selling my maisonette and the EA has just called to say that the purchasers are switching solicitor. The excuse is that Melton Mowbray Building Society will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain solicitors?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our son-in-law is in the process of securing a newly built flat with a mortgage from Melton Mowbray Building Society. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Melton Mowbray Building Society conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Melton Mowbray Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What tools are available to find a local solicitor on the Melton Mowbray Building Society conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the lawyer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Melton Mowbray Building Society solicitor panel.
My solicitors in Manchester have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Melton Mowbray Building Society. Is it case that being on the Melton Mowbray Building Society conveyancing panel they need to have retained the file for a number of years?
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 Melton Mowbray Building Society Conveyancing Panel Terms. It might be worth you contacting Melton Mowbray Building Society directly.
I am buying a property where the roof has a solar panel. Melton Mowbray Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Melton Mowbray Building Society your lawyer must to check the Melton Mowbray Building Society conveyancing instructions contained in the Part of CML Handbook for Melton Mowbray Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Melton Mowbray Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Melton Mowbray Building Society. Is there anyway to cut out the 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 Melton Mowbray Building Society involved you will need to appoint a solicitor on the Melton Mowbray 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 Melton Mowbray Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Melton Mowbray Building Society conveyancing panel.
For 5 years I had a mortgage with Melton Mowbray Building Society. My father retired last week and wants to pay off the mortgage left on the property. After Melton Mowbray Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Melton Mowbray Building Society conveyancing panel? I do not intend to live at the property once the Melton Mowbray Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Melton Mowbray Building Society 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.