Q and A’s regarding the Manchester Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my flat and the EA has just e-mailed to advise that the purchasers are appointing a new law firm. I am told that this is due to the fact that Manchester Building Society will only work with solicitors on their approved list. Why would a major mortgage company only deal with certain law firms?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 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 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.
Our conveyancer has uncovered a legal deficiency with the lease for the property we are purchasing. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the Manchester Building Society conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Manchester Building Society?
Just because you have a mortgage offer from Manchester Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Manchester Building Society are the client. The appropriate lender requirements have to be complied with by the Manchester Building Society conveyancing panel who has to balance acting for you and Manchester Building Society
I note that you have a post code search directory identifying solicitors on the Manchester Building Society conveyancing panel. Do firms pay you a commission if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Manchester Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I was supposed to complete on my first house last Thursday. My lawyer’s firm is on the Manchester Building Society solicitors panel but has changed address in the past couple of months and had not informed Manchester Building Society of their new address. Manchester Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Manchester Building Society branch or your mortgage broker to see if they can help.
I'm in the process of looking at houses and now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Manchester Building Society
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Manchester Building Society , make sure you remember to check that your lawyer is on the Manchester Building Society conveyancing panel.
The mortgage over my property is with Manchester Building Society. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Manchester Building Society?
Manchester Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Manchester Building Society’s mortgage conditions. It may be that Manchester Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Manchester Building Society directly. It should not be necessary to do this via a Manchester Building Society conveyancing panel firm.
My offer was accepted on an apartment on the 6th March 2014, valuation was booked 2 days later, all came back fine. Conveyancer appointed, so all that was missing was my mortgage offer. Having made daily calls to Manchester Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Manchester Building Society conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Manchester Building Society to deal with your lawyers application to be on the Manchester Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
