Frequently asked questions relating to the Holmesdale Building Society Conveyancing Panel
from members of the public
I have just been informed by my IFA that my lawyer is not on the Holmesdale Building Society Solicitor panel. How can I check?
The first thing you need to do is to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the the approved Holmesdale Building Society solicitor panel.
My solicitor has uncovered an inconsistency between the information in Holmesdale Building Society’s valuation report and what is revealed within the conveyancing documents. My solicitor informs me that as he is on the Holmesdale Building Society conveyancing panel he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
A precondition to being on the Holmesdale Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Holmesdale Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am Googling for conveyancing quotes online. Can I be assured that all the law firms that are identified on your site are on the Holmesdale Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have assured us via an online form that they are on the Holmesdale Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Holmesdale Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Holmesdale Building Society conveyancing panel is incorrect.
I am considering applying for a Holmesdale 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 Holmesdale Building Society?
In theory, you could use a solicitor that is not on Holmesdale Building Society conveyancing panel, but Holmesdale 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 buying a property where the roof has a solar panel. Holmesdale Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Holmesdale Building Society your lawyer must to check the Holmesdale Building Society conveyancing instructions contained in the Part of CML Handbook for Holmesdale Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Holmesdale Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
Why might a lender such as Holmesdale Building Society withdraw a mortgage offer?
Banks and Building Societies such as Holmesdale Building Society can revoke their mortgage offer although this is unusual. should Holmesdale Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
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Holmesdale Building Society may amend or withdraw an offer if the Holmesdale 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
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If the borrower informs Holmesdale Building Society of a change in security address
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Where to proceed with the Mortgage offer would be unlawful
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Where the sale is not at arms length for value to unconnected persons
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Where the Lender’s right to possession is fettered in some way
I recently had an offer accepted on an apartment. My financial adviser recommended their conveyancers I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Holmesdale Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Holmesdale Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.