Frequently asked questions relating to the Hanley Economic Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my apartment and the estate agent has just e-mailed to say that the purchasers are appointing a new conveyancer. The excuse is that Hanley Economic Building Society will only engage with solicitors on their conveyancing panel. Why would a big named lender only deal with specific lawyers?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 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 buying a newly built flat and my solicitor is informing me that she has to disclose incentives from the builder as her practice is on the Hanley Economic Building Society conveyancing panel. The Estate Agents are hassling me to exchange and I would rather not prolong the conveyancing. Can I insist on an exchange regardless of what my lawyer says about being on the Hanley Economic Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Hanley Economic Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Hanley Economic Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am planning to acquire a property and require a conveyancing solicitor in London who is on the Hanley Economic Building Society conveyancing. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Hanley Economic Building Society . We don’t recommend any particular firm.
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Hanley Economic Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Hanley Economic Building Society will insist on your using a conveyancer on the Hanley Economic Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Hanley Economic Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Hanley Economic Building Society mortgage is registered as a charge at the Land Registry.
How can we tell if a solicitor on the Hanley Economic Building Society panel is any good?
seeking recommendations is a sensible starting point. 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 recommend that you speak with the solicitor carrying out your conveyancing
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to move forward? I plan to obtain a mortgage with Hanley Economic Building Society. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Hanley Economic Building Society involved you will need to appoint a solicitor on the Hanley Economic Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Hanley Economic Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Hanley Economic Building Society conveyancing panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Hanley Economic Building Society on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Hanley Economic Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Hanley Economic Building Society. Unless your lawyer obtains specific confirmation in writing that Hanley Economic 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 Hanley Economic Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.