Bank of Ireland Mortgages Conveyancing Panel Example Support Desk Enquires from members of the public
Is there a reason why all solicitors are not on the Bank of Ireland Mortgages Solicitor panel?
Bank of Ireland Mortgages and other banks ordinarily imposes restrictions either the type or the number of conveyancing solicitors on their panel. Typical examples 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 Bank of Ireland Mortgages have no responsibility for the quality of advice provided by any member of Bank of Ireland Mortgages 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.
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.
I have been looking for online conveyancing estimates. Can I be assured that all the firms that are identified on your site are on the Bank of Ireland Mortgages conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Bank of Ireland Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Bank of Ireland Mortgages panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Bank of Ireland Mortgages conveyancing panel is incorrect.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Bank of Ireland Mortgages Conveyancing panel before the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Bank of Ireland Mortgages. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Bank of Ireland Mortgages involved you will need to appoint a solicitor on the Bank of Ireland Mortgages 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 Bank of Ireland Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Bank of Ireland Mortgages conveyancing panel.
I was told two weeks ago that my mortgage has been agreed
to by Bank of Ireland Mortgages. Is it usual for Bank of Ireland Mortgages to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland Mortgages to deal with your lawyers application to be on the Bank of Ireland Mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.
I have instructed a lawyer having made sure that they are on the Bank of Ireland Mortgages conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of house buying,I note that it is considered advisable to 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 normal?
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.
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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.