Masthaven Bank Conveyancing Panel Example Support Desk Enquires from members of the public
I was advised recently by my lender that my solicitor is not on the Masthaven Bank Solicitor panel. What can I do to be sure that this is correct?
The best course of action for you to take is to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Masthaven Bank.
My fiance and I changing mortgage lender for our flat with Masthaven Bank. We have a son 19 who lives with us. The solicitor on the Masthaven Bank conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property 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 bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong 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.
I require the services of a Masthaven Bank panel solicitor in Inverness. Can you assist?
Unfortunately it’s not apparent 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
I am purchasing a terraced house and getting a mortgage with Masthaven Bank. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Masthaven Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Masthaven Bank conveyancing panel in your location.
For 5 years I had a mortgage with Masthaven Bank. My grandfather has just retired and wants to pay off the mortgage left on the property. After Masthaven Bank is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Masthaven Bank conveyancing panel? I do not intend to live at the property once the Masthaven Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Masthaven Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I currently have a mortgage with with Masthaven Bank. Conveyancing has been completed some time 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 BTL mortgage or inform Masthaven Bank?
Masthaven Bank must be informed of your intention prior to letting out your property as this is likely to be a breach of Masthaven Bank’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Masthaven Bank directly. It should not be necessary to do this via a Masthaven Bank conveyancing panel solicitor.
I have instructed a lawyer having checked that they are on the Masthaven Bank conveyancing panel. Does my lawyer arrange the survey of the property?
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I've read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Masthaven Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Masthaven Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Masthaven Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Masthaven Bank you could contact your them to see if they have a list of approved surveyors.