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approved by Nationwide BS
Ready to buy a new home? Failing to check that a lawyer is on the Nationwide BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Nationwide Building Society Conveyancing Panel? How can my firm be reinstated onto the Nationwide Building Society Conveyancing Panel?Find an Approved Solicitor on the Nationwide Building Society Conveyancing Panel
FAQs : The Nationwide Building Society Solicitor Panel
On what basis would a firm of solicitors be excluded from the Nationwide BS solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Nationwide Building Society
My wife and I changing mortgage lender for our apartment with Nationwide BS. We have a son approaching twenty who lives with us. The solicitor on the Nationwide Building Society conveyancing panel requested us to identify 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 form unique to the Nationwide BS conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nationwide Building Society 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 Nationwide BS .This is solely used to protect the Nationwide Building Society 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 Nationwide BS 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 Nationwide Building Society conveyancing panel, together with their details provided by Nationwide BS?
The firms themselves provide us confirmation that they are on the Nationwide BS conveyancing panel as opposed to being supplied with a list from Nationwide Building Society directly.
I am buying a terraced house and getting a mortgage with Nationwide BS. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Nationwide Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Nationwide BS conveyancing panel in your location.
What are the common reasons for a lender such as Nationwide Building Society to withdraw a mortgage offer?
Banks and Building Societies such as Nationwide Building Society can revoke their mortgage offer although this rarely happens. should Nationwide BS withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- Where information comes to Nationwide BS ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Nationwide Building Society may amend or withdraw an offer if the Nationwide BS conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the borrower informs Nationwide Building Society of a change in the loan amount agreed
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender has to take account a recent change in taxation
I have agreed a price on a flat I spoke to a conveyancer previously used by my dad and he recommended retaining a property lawyers approved by Nationwide BS. The estate agent recommended two local firms so I asked Nationwide Building Society if the 2 suggested solicitors are approved, which they are not. Nationwide BS suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Nationwide Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Nationwide BS to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Nationwide Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Nationwide BS conveyancing panel as it may only take about 2-3 weeks. As long as they meet Nationwide Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Nationwide BS 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 Nationwide Building Society or your broker and complete any relevant paperwork. Nationwide BS will tell you what documents they want. Nationwide Building Society 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. Nationwide BS 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.