Common questions asked concerning the Manchester Building Society Solicitor Panel from members of the public
I am in the process of selling my apartment and the EA has just telephoned to say that the purchasers are changing their conveyancer. The excuse is that Manchester Building Society will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with specific lawyers?
Banks 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 blame a rise 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 brand new flat and my solicitor is informing me that she has to reveal incentives from the developer as her practice is on the Manchester Building Society conveyancing panel. I am on a tight deadline to sign contracts and I would rather not delay matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Manchester Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Manchester 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.
How do I search for a local solicitor on the Manchester Building Society conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the solicitor.
You can use the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Manchester Building Society solicitor panel.
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Manchester Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Manchester Building Society will insist on your using a conveyancer on the Manchester 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 Manchester 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 Manchester Building Society mortgage is registered as a charge at the Land Registry.
I have paid off my mortgage with Manchester Building Society. I assume I don't need a solicitor on the Manchester Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Manchester Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Manchester Building Society mortgage from the register. Manchester Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Manchester Building Society has sent the Land Registry the discharge electronically, and
the Manchester Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Manchester Building Society mortgage has been paid off.
For 5 years I had a mortgage with Manchester Building Society. My uncle retired last week and wants to pay off my mortgage. After Manchester Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Manchester Building Society conveyancing panel? I do not intend to live at the property once the Manchester Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Manchester Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
After shopping around on the internet I have found a solicitor having made sure that they are on the Manchester Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of house buying,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Manchester Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Manchester Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Manchester Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Manchester Building Society you could contact your them to see if they have a list of approved surveyors.