Examples of recent questions relating to the Market Harborough Building Society Conveyancing Panel from members of the public
I am selling my apartment and the estate agent has just telephoned to warn that the purchasers are appointing a new law firm. The reason given is that Market Harborough Building Society will only work with solicitors on their approved list. On what basis would a big named lender only work with specific law firms?
UK lenders 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 as the reason 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 lawyer has identified a defect with the lease for the apartment we are purchasing. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the Market Harborough Building Society conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Market Harborough Building Society?
Just because you have a mortgage offer from Market Harborough 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 Market Harborough Building Society are the client. The appropriate lender requirements have to be complied with by the Market Harborough Building Society conveyancing panel who has to balance acting for you and Market Harborough Building Society
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Market Harborough Building Society solicitor 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.
My grandfather passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Market Harborough Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Market Harborough Building Society will insist on your using a conveyancer on the Market Harborough 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 Market Harborough 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 Market Harborough Building Society mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Market Harborough Building Society conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
When it comes to mortgage companies such as Market Harborough Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I previously instructed online solicitors located in Bristol who are on the Market Harborough Building Society solicitor panel. They have just invoiced me a separate fee of £195 for the legal aspects of the Market Harborough Building Society mortgage. Is this an additional conveyancing fee specified by Market Harborough Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Market Harborough Building Society but by your lawyers. Some firms on the Market Harborough Building Society will charge an ‘acting for lender’ fee and others do not.