Melton Mowbray Building Society Conveyancing Panel : Questions and Answers
from members of the public
My fiance and I are novices when it comes to buying a property. Within the last couple of days our property lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Melton Mowbray Building Society have this morning contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Melton Mowbray Building Society and see if they can apply for membership of the Melton Mowbray Building Society conveyancing panel, but if that is not viable Melton Mowbray Building Society will instruct their own lawyers to represent them. You don't have to instruct a firm on the Melton Mowbray Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Melton Mowbray Building Society was issued random date and we have agreed a date for me to move into the property on 6. My lawyer has advised that as she is on the Melton Mowbray Building Society conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
A precondition to being on the Melton Mowbray Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Melton Mowbray Building Society)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Melton Mowbray Building Society.
Do I need to have a meeting at the offices of the Melton Mowbray Building Society conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Bristol
so that I can pop in to their offices if required.
As opposed to 15 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 Bristol
.
The solicitors that just started acting on my purchase in Manchester has without warning closed. I only went with them because I had to have a solicitor on the Melton Mowbray Building Society conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
If you have an estate agent involved 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 Melton Mowbray 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 help
When it comes to lenders such as Melton Mowbray Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Are all conveyancing solicitors on the Melton Mowbray Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Melton Mowbray Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Melton Mowbray Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Melton Mowbray Building Society your lawyer must to check the Melton Mowbray Building Society conveyancing instructions contained in the Part of CML Handbook for Melton Mowbray Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Melton Mowbray Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.