Common questions asked concerning the Melton Mowbray Building Society Solicitor Panel from members of the public
My fiance and I are hoping to buy a 2 bedroom apartment in Newcastle with a mortgage from Melton Mowbray Building Society. We like our solicitor but Melton Mowbray Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Melton Mowbray Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Melton Mowbray Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Melton Mowbray Building Society
We are only a couple days away from an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Melton Mowbray Building Society. Apparently, being on the Melton Mowbray Building Society conveyancing panel and acting on their behalf he must inform Melton Mowbray Building Society if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Melton Mowbray Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Melton Mowbray Building Society if you agree, failing which, your lawyer must cease to continue acting.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Melton Mowbray Building Society conveyancing panel?
The firms themselves provide us confirmation that they are on the Melton Mowbray Building Society conveyancing panel as opposed to being supplied with a list from Melton Mowbray Building Society directly.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Melton Mowbray Building Society Solicitor panel prior to completion?
The first thing to point out is that, this is a very rare occurrence. 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 at a cost.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Melton Mowbray Building Society be concerned
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.
I currently have a mortgage with with Melton Mowbray Building Society. Conveyancing was finalised 12 months ago. If I am intending 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 Melton Mowbray Building Society?
Melton Mowbray Building Society must be informed of your intention before letting out your property as this is likely to be a breach of Melton Mowbray Building Society’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 Melton Mowbray Building Society directly. You need not do this via a Melton Mowbray Building Society conveyancing panel firm.
I had an offer accepted on a house on the 5th March 2014, valuation was booked 2 days after, all came back fine. Solicitor appointed, so all that was missing was my mortgage offer. Having made daily calls to Melton Mowbray Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Melton Mowbray Building Society conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Melton Mowbray Building Society to deal with your lawyers application to be on the Melton Mowbray Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.