Bank of Ireland Mortgages Conveyancing Panel : Questions and Answers
from members of the public
I would like to know the reason why all solicitors are not on the Bank of Ireland Mortgages Conveyancing panel?
As unjust as it may seem for Bank of Ireland Mortgages to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Bank of Ireland Mortgages have restricted their conveyancing panel to a manageable size. The Bank of Ireland Mortgages conveyancing panel is not the smallest
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Bank of Ireland Mortgages will not agree to this. Why was Bank of Ireland Mortgages even consulted?
Your lawyer being on the Bank of Ireland Mortgages conveyancing panel is duty bound to inform Bank of Ireland Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Bank of Ireland Mortgages then they would have to discontinue acting for you and Bank of Ireland Mortgages.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Bank of Ireland Mortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Bank of Ireland Mortgages approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My lawyers in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Bank of Ireland Mortgages. Is it case that being on the Bank of Ireland Mortgages 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 Bank of Ireland Mortgages Conveyancing Panel Terms. It might be worth you contacting Bank of Ireland Mortgages directly.
is it true that all solicitor firms on the Bank of Ireland Mortgages conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Bank of Ireland Mortgages 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).
Last month we had a mortgage agreed in principle with Bank of Ireland Mortgages. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Bank of Ireland Mortgages?
There is no definitive answer here. Have Bank of Ireland Mortgages conducted the valuation? Have you advised Bank of Ireland Mortgages as your lawyers details and checked that your lawyer is on the Bank of Ireland Mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
After shopping around on the internet I have found a solicitor having made sure that they are on the Bank of Ireland Mortgages conveyancing panel. Does my lawyer arrange the survey of the property?
Having digested plenty of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Bank of Ireland Mortgages conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland Mortgages will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland Mortgages will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Bank of Ireland Mortgages you could contact your them to see if they have a list of approved surveyors.