Market Harborough Building Society Solicitor Panel Sample Enquires to our Call Center from members of the public
For what reasons could a law firm be excluded from the Market Harborough Building Society approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Market Harborough Building Society
My fiance and I are refinancing our maisonette with Market Harborough Building Society. We have a son 19 who lives with us. The solicitor on the Market Harborough Building Society conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Market Harborough Building Society conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Market Harborough 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 Market Harborough Building Society .This is solely used to protect the Market Harborough 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 Market Harborough 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 am searching for conveyancing quotes online. Can I be assured that all the law firms that are listed on your directory are on the Market Harborough 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 Market Harborough Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Market Harborough 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 Market Harborough Building Society conveyancing panel is not accurate.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Market Harborough Building Society Solicitor panel prior to completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Can I be sure that the solicitor on the Market Harborough Building Society panel is any good?
seeking recommendations is a good 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 advocate that you speak with the solicitor conducting your conveyancing
The mortgage over my property is with Market Harborough Building Society. Conveyancing was finalised 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 buy-to-let mortgage or inform Market Harborough Building Society?
You must advise Market Harborough Building Society before renting your property as this is likely to be a breach of Market Harborough Building Society’s mortgage conditions. It may be that Market Harborough 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 Market Harborough Building Society directly. It should not be necessary to do this via a Market Harborough Building Society conveyancing panel lawyer.
My ex -wife’s name is on the Market Harborough Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Market Harborough Building Society mortgage in order to sell?
As regards the Market Harborough Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Market Harborough Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
