Market Harborough Building Society Conveyancing Panel : Questions and Answers from members of the public
Am I correct in assuming that the fact that my conveyancer is not isted on the Market Harborough Building Society Solicitor panel that there is a problem with the standard of her 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 most common reasons for removal are: (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 Market Harborough Building Society.
Expecting to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Market Harborough Building Society. What does the insurance need to cover?
All property lawyers on the Market Harborough Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Market Harborough Building Society’s Part 2 requirements of the CML Handbook (last updated on Market Harborough Building Society). Being on the Market Harborough Building Society conveyancing panel your lawyer is expect to follow these requirements.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Market Harborough Building Society conveyancing panel?
The firms themselves provide us confirmation that they are on the Market Harborough Building Society conveyancing panel as opposed to being supplied with a list from Market Harborough Building Society directly.
The firm that just started acting on my purchase in Brighton has suddenly closed. They were on acting for me because I needed a firm on the Market Harborough Building Society conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know 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 Market Harborough 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 may be able to assist
Is it the case that all conveyancing solicitors on the Market Harborough Building Society conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Market Harborough Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Market Harborough Building Society be concerned
As you are obtaining a mortgage with Market Harborough Building Society your lawyer must to check the Market Harborough Building Society conveyancing instructions contained in the Part of CML Handbook for Market Harborough Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Market Harborough Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I had an offer accepted on a property on the 20th January 2014, valuation was booked five days later, all came back fine. Property lawyer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Market Harborough 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 Market Harborough Building Society conveyancing panel. Are Market Harborough Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Market Harborough Building Society to deal with your lawyers application to be on the Market Harborough Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
