Masthaven Bank Conveyancing Panel : Questions and Answers from members of the public
My Conveyancer has never been on on the Masthaven Bank Approved Panel. Can I still use my family solicitor notwithstanding that they are not on the Masthaven Bank panel of approved conveyancing solicitors?
The most common options here are as follows:
- Carry on with your preferred lawyers but Masthaven Bank will need to instruct a lawyer on the Masthaven Bank conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Masthaven Bank conveyancing panel.
- Urge your lawyer to apply to join the Masthaven Bank lender panel
Expecting to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Masthaven Bank. What risks do Masthaven Bank expect the insurance 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 instructions.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Masthaven Bank conveyancing panel. My lawyer has said that they are on the Masthaven Bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Masthaven Bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Masthaven Bank solicitor panel.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Masthaven Bank conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Masthaven Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My fiance and I are spending time viewing houses and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a mortgage with Masthaven Bank
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Masthaven Bank , make sure you remember to check that your lawyer is on the Masthaven Bank conveyancing panel.
I have a mortgage with Masthaven Bank. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Masthaven Bank?
You must advise Masthaven Bank before renting your property as this is likely to be a breach of Masthaven Bank’s mortgage conditions. In many cases banks or building societies will allow you to rent 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. You need not do this via a Masthaven Bank conveyancing panel firm.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with Masthaven Bank?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Masthaven Bank conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Masthaven Bank and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.