Common questions asked concerning the Holmesdale Building Society Conveyancing Panel from members of the public
Is there a reason why all solicitors are not on the Holmesdale Building Society Solicitor panel?
Holmesdale Building Society and other banks tend to restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Holmesdale Building Society have no responsibility for the quality of advice provided by any member of Holmesdale Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Holmesdale Building Society. I am advised that, being on the Holmesdale Building Society conveyancing panel and acting on their behalf he must inform Holmesdale Building Society if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Holmesdale Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Holmesdale Building Society if you agree, failing which, your lawyer must cease to continue acting.
I am planning to acquire a flat and require a conveyancing solicitor in Birmingham who is on the Holmesdale Building Society conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Holmesdale Building Society . We don’t recommend any particular firm.
The firm that just started acting on my house acquisition in Manchester has suddenly shut down. They were on acting for me because I had to have a solicitor on the Holmesdale Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will 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 Holmesdale 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 solicitors should be in a position to help
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Holmesdale Building Society conveyancing panel requirements are different to Holmesdale Building Society’s conveyancing panel criteria.
My wife and I have arranged a further advance on our mortgage from Holmesdale Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Holmesdale Building Society conveyancing panel to deal with the paperwork?
Holmesdale Building Society would not normally appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Holmesdale Building Society list
I am due to exchange contracts on my house. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Holmesdale Building Society are being difficult. The solicitor who is on the Holmesdale Building Society conveyancing panel is saying indemnity insurance will be fine but Holmesdale Building Society are requiring a building regulation certificate. Why do Holmesdale Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Holmesdale Building Society have referred the matter to their valuer. The reason why Holmesdale Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.