Ecology Building Society Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am progressing with the sale of my flat and the EA has just texted me to advise that the purchasers are appointing a new law firm. I am told that this is due to the fact that Ecology Building Society will only engage with solicitors on their approved list. On what basis would a leading lender only deal with specific lawyers?
UK lenders have always had panels 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 more than 25 years.
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.
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Ecology Building Society. What risks do Ecology Building Society expect the insurance to cover?
Any lawyer on the Ecology Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Ecology Building Society’s Part 2 requirements of the CML Handbook (last updated on Ecology Building Society). Being on the Ecology Building Society conveyancing panel your lawyer is expect to follow these requirements.
How up to date is your search tool for the Ecology Building Society conveyancing panel? Do Ecology Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Ecology Building Society conveyancing panel as opposed to being supplied with a list from Ecology Building Society directly.
I was scheduled to move into my dream home last Friday. My lawyer’s firm is on the Ecology Building Society solicitors panel but has changed address in the past couple of months and had not advised Ecology Building Society of their new address. Ecology Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Ecology Building Society branch or your mortgage broker to see if they can help.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Ecology Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Ecology Building Society you will need to appoint a solicitor on the Ecology Building Society conveyancing panel.
I have a mortgage with Ecology Building Society. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Ecology Building Society?
Ecology Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Ecology Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Ecology Building Society directly. You need not do this via a Ecology Building Society conveyancing panel solicitor.
I can not work out if my mortgage offer requires a lease extension . I have called into my local branch Ecology Building Society on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Ecology Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Ecology Building Society panel she or he must comply with the CML Handbook requirements for Ecology Building Society. Unless your lawyer obtains specific confirmation in writing that Ecology Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Ecology Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.