Q and A’s regarding the DB UK Bank Solicitor Panel from members of the public
On what basis would a firm of solicitors be removed from the DB UK Bank approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The most common 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 DB UK Bank
Our nephew is purchasing a new build apartment with a home loan from DB UK Bank. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the DB UK Bank conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the DB UK Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the DB UK Bank solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am selling my house. Does my solicitor have to be on the DB UK Bank conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the DB UK Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Can I be sure that the solicitor on the DB UK Bank panel is any good?
Getting recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor conducting your transaction
We were going to get a DIP from DB UK Bank this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the DB UK Bank recommend a solicitor on the DB UK Bank 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 DB UK Bank conveyancing panel. The solicitor represents both you and the DB UK Bank through the process.
We have agreed a price on a apartment I spoke to a solicitor previously used by my brother and he recommended retaining a law firm approved by DB UK Bank. The estate agent recommended two local firms so I asked DB UK Bank if the 2 suggested solicitors are approved, which they are not. DB UK Bank suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of DB UK Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of DB UK Bank for conveyancing panel firms in your area. 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 DB UK Bank 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 DB UK Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet DB UK Bank’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.
