Manchester Building Society Conveyancing Panel : Questions and Answers
from members of the public
Am I correct in assuming that the fact that my solicitor is not identified on the Manchester Building Society Conveyancing panel that there is a problem with the quality of his work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Manchester Building Society.
My son is about to exchange on a house that has just been built with a mortgage from Manchester Building Society. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Manchester Building Society conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Manchester Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Manchester Building Society conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
The firm that just started acting on my purchase in Manchester has suddenly closed. They were on acting for me because I had to have a solicitor on the Manchester Building Society conveyancing panel and my family lawyer was not. I gave them a cheque for £150 in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Manchester 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 lawyers should be in a position to assist
How can we tell if a solicitor on the Manchester Building Society panel is any good?
Getting recommendations is a sensible start. 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 advise that you speak with the solicitor carrying out your transaction
I am about to exchange contracts on a purchase with a mortgage from Manchester Building Society. The report from my solicitor mentions that Manchester Building Society could withdraw their offer before completion. Is this right?
Lenders such as Manchester Building Society can revoke their mortgage offer although this is unusual. If Manchester Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
If the borrower informs Manchester Building Society of a change in the loan amount agreed
Where to proceed with the Mortgage offer would be unlawful
Where the lender has to take account a recent change in taxation
Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
If the solicitor on the Manchester Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Manchester Building Society ‘s instructions
The mortgage over my property is with Manchester Building Society. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Manchester Building Society?
You must advise Manchester Building Society prior to letting out your property as this is likely to be a breach of Manchester Building Society’s mortgage conditions. In many cases banks or building societies 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.