Masthaven Bank Conveyancing Panel : Questions and Answers from members of the public
For what reasons would a firm of solicitors be removed from the Masthaven Bank solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been removed from a lender panel. The most common reasons in order are :
- Low volume 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
My wife and I changing mortgage lender for our maisonette with Masthaven Bank. We have a son approaching twenty who lives with us. The solicitor on the Masthaven Bank conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Masthaven Bank conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Masthaven Bank 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 Masthaven Bank .This is solely used to protect the Masthaven Bank 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 Masthaven Bank 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.
Do I need to pop into the offices of the Masthaven Bank conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Manchester
so that I can pop in to their offices when needed.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester
.
My grandmother passed away six months ago and as sole heir and executor was left the property. 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 Masthaven Bank , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Masthaven Bank will insist on your using a conveyancer on the Masthaven Bank 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 Masthaven Bank 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 Masthaven Bank mortgage is registered as a charge at the Land Registry.
We expect to receive a DIP from Masthaven Bank this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (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 find our own lawyer
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.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Masthaven Bank. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Masthaven Bank you will need to appoint a solicitor on the Masthaven Bank conveyancing panel.
Masthaven Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Masthaven Bank or your broker and complete any relevant paperwork. Masthaven Bank will tell you what documents they want. Masthaven Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Masthaven Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.