FAQs for the Masthaven Bank Conveyancing Panel from members of the public
On what basis would a law firm be removed from the Masthaven Bank approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed 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 Masthaven Bank
I am due to move into my new home next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Masthaven Bank. What does the insurance need to cover?
Any lawyer on the Masthaven Bank 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 Masthaven Bank’s Part 2 requirements of the CML Handbook (last updated on Masthaven Bank). Being on the Masthaven Bank conveyancing panel your lawyer is expect to follow these requirements.
I need to find a Masthaven Bank panel solicitor in Belfast. Could you help me?
It is not clear why you need a Masthaven Bank panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Masthaven Bank to find out which solicitors in Masthaven Bank are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
Please explain the implications if my lawyer’s firm is removed from the Masthaven Bank Solicitor panel in advance of the moving date as agreed at exchange of contracts?
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 for a fee.
Can you point me to a directory of Masthaven Bank panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
We were going to get a DIP from Masthaven Bank this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Masthaven Bank recommend a solicitor on the Masthaven Bank conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Masthaven Bank conveyancing panel. The solicitor represents both you and the Masthaven Bank through the process.
We have agreed a price on a flat I spoke to a solicitor recommended by my dad and he suggested retaining a property lawyers approved by Masthaven Bank. The estate agent recommended two local firms so I asked Masthaven Bank if the 2 suggested solicitors are approved, which they are not. Masthaven Bank pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Masthaven Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Masthaven Bank for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Masthaven Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Masthaven Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Masthaven Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
