Q and A’s regarding the Hanley Economic Building Society Conveyancing Panel from members of the public
I am selling my maisonette and the EA has just called to warn that the purchasers are changing their property lawyer. The excuse is that Hanley Economic Building Society will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain lawyers?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders 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 hearing daily from firms 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.
My fiance and I are refinancing our flat with Hanley Economic Building Society. We have a son 18 who lives with us. The solicitor on the Hanley Economic Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this form unique to the Hanley Economic Building Society conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Hanley Economic 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 Hanley Economic Building Society .This is solely used to protect the Hanley Economic 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 Hanley Economic 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.
Are the lawyers identified as being on the Hanley Economic Building Society conveyancing panel, together with their details provided by Hanley Economic Building Society?
The law firm practices themselves provide us confirmation that they are on the Hanley Economic Building Society conveyancing panel as opposed to being supplied with a list from Hanley Economic Building Society directly.
The lawyers that I recently instructed on my house acquisition in Newcastle has without warning closed. I chose them because I needed a firm on the Hanley Economic Building Society conveyancing panel and my preferred lawyer was not. I gave them a cheque for £150 in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would 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 Hanley Economic Building Society 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
Can I be sure that the solicitor on the Hanley Economic Building Society 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 advocate that you speak with the solicitor carrying out your transaction
We were going to get a DIP from Hanley Economic Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Hanley Economic Building Society recommend a solicitor on the Hanley Economic Building Society 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 Hanley Economic Building Society conveyancing panel. The solicitor represents both you and the Hanley Economic Building Society through the process.
I am currently in the process of buying my council flat. I have a mortgage offer with Hanley Economic Building Society. Conveyancing is new to me. 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 Hanley Economic Building Society you will need to appoint a solicitor on the Hanley Economic Building Society conveyancing panel.
