Frequently asked questions relating to the Bank of Ireland Conveyancing Panel from members of the public
I am progressing with the sale of my apartment and the estate agent has just texted me to advise that the buyers are appointing a new solicitor. The excuse is that Bank of Ireland will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification 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.
Please assist. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Bank of Ireland was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor informs me that as she is on the Bank of Ireland conveyancing panel she needs to redo the searches as they are now out of date.
A precondition to being on the Bank of Ireland approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Bank of Ireland)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Bank of Ireland.
Your search tool is useful but there are many lawyers listed near Chelsea on the Bank of Ireland conveyancing panel. Can you recommend a specific firm on the Bank of Ireland 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
We're in Liverpool, First timers purchasing with a mortgage (lender is Bank of Ireland , but our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
When it comes to mortgage companies such as Bank of Ireland do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is it common for Bank of Ireland to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Bank of Ireland can revoke their mortgage offer although this is unusual. In the unlikely event that Bank of Ireland withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Bank of Ireland conveyancing panel solicitors would be obliged to notify Bank of Ireland of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender has to take account a recent change in taxation
- Where the sale is not at arms length for value to unconnected persons
I am due to exchange contracts on my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being difficult. The solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.