Earl Shilton Building Society Conveyancing Panel Sample Enquires to our Call Center from members of the public
My wife and I are first time buyers. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Earl Shilton Building Society have this afternoon contacted us to advise us that there is now an issue as our lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance 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 Earl Shilton Building Society and see if they can apply for membership of the Earl Shilton Building Society conveyancing panel, but if that is not viable Earl Shilton Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Earl Shilton Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I are refinancing our maisonette with Earl Shilton Building Society. We have a son 18 who lives with us. The solicitor on the Earl Shilton Building Society conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Earl Shilton Building Society conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Earl Shilton Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Earl Shilton Building Society .This is solely used to protect the Earl Shilton Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Earl Shilton Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Earl Shilton Building Society conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am considering applying for a Earl Shilton Building Society mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Earl Shilton Building Society?
In theory, you could use a solicitor that is not on Earl Shilton Building Society conveyancing panel, but Earl Shilton Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am about to exchange contracts on a purchase with a mortgage from Earl Shilton Building Society. The report from my solicitor mentions that Earl Shilton Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Earl Shilton Building Society can withdraw their mortgage offer although this is unusual. In the unlikely event that Earl Shilton Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Earl Shilton Building Society may amend or withdraw an offer if the Earl Shilton Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Earl Shilton Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- 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
- If the solicitor on the Earl Shilton Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Earl Shilton Building Society ‘s instructions
I have a mortgage with Earl Shilton Building Society. My grandfather has just retired and wants to pay off the mortgage left on the property. After Earl Shilton Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Earl Shilton Building Society conveyancing panel? I do not intend to live at the property once the Earl Shilton Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Earl Shilton Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Completion of my remortgage has taken place with a mortgage from Earl Shilton Building Society. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Earl Shilton Building Society. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the Earl Shilton Building Society branches or the Customer Services Team at Earl Shilton Building Society head office. In most cases complaints to Earl Shilton Building Society are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.