Common questions asked concerning the Manchester Building Society Solicitor Panel from members of the public
I have been advised by my broker that I have to pay Manchester Building Society fees if I use my own solicitor. How efficient are the Manchester Building Society conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Would you recommend a specific law firm on the Manchester Building Society panel?
Manchester Building Society’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Manchester Building Society will allow to act for them.
My husband and I intend to remortgage our flat with Manchester Building Society. We have a son 19 who lives with us. The solicitor on the Manchester Building Society conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Manchester Building Society conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Manchester Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Manchester Building Society .This is solely used to protect the Manchester Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Manchester Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been searching for competitive conveyancing fees. Can I be confident that all the law firms that are identified on your directory are on the Manchester Building Society conveyancing panel?
The law firms on our directory have advised us that they are on the Manchester Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Manchester Building Society panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Manchester Building Society conveyancing panel is not accurate.
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 £8000. 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.
In what circumstances might Manchester Building Society amend or withdraw their mortgage offer?
Banks and Building Societies such as Manchester Building Society can revoke their mortgage offer although this is unusual. should Manchester 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 number of examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Manchester Building Society conveyancing panel solicitors would be obliged to notify Manchester Building Society of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I have a mortgage with Manchester Building Society. My father has just retired 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. There's no capital gains tax for you as it is
your main residence.
I have a mortgage with Manchester Building Society. Conveyancing has been completed some time 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?
Manchester Building Society must be informed of your intention prior to renting 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.