Frequently asked questions relating to the Bank of Ireland Solicitor Panel
from members of the public
My husband and I are novices when it comes to buying a property. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Bank of Ireland have this morning contacted us to advise us that there is now an issue as our solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Bank of Ireland and see if they can apply for membership of the Bank of Ireland conveyancing panel, but if that is not viable Bank of Ireland will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Bank of Ireland conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Our lawyer has discovered a legal deficiency with the lease for the apartment we are buying. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that as he is on the Bank of Ireland conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or Bank of Ireland?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Bank of Ireland are the client. A precondition to being on the Bank of Ireland approved panel is to comply with the CML Handbook requirements (last updated for this lender on Bank of Ireland). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Bank of Ireland can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your search tool for the Bank of Ireland conveyancing panel? Do Bank of Ireland send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
The firm that just started acting on my house acquisition in London has suddenly closed. They were on acting for me because I had to have a solicitor on the Bank of Ireland conveyancing panel and my family lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help
My wife and I have arranged a further advance on our mortgage from Bank of Ireland as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Bank of Ireland conveyancing panel to deal with the legals?
Bank of Ireland would not normally appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel
We were going to get a DIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Bank of Ireland recommend a solicitor on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and the Bank of Ireland through the process.
After much negotiation I have agreed a price on a house. My mortgage broker recommended their conveyancers I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.