Metro Bank Conveyancing Panel Sample Enquires to our Call Center from members of the public
What is the rationale as to why all solicitors aren't included on the Metro Bank Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My god-son is purchasing a newly built flat with a home loan from Metro Bank. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Metro Bank conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Metro Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Metro Bank conveyancing panel. My lawyer has said that they are on the Metro 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 Metro 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 Metro Bank solicitor panel.
My aunt passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Metro Bank , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Metro Bank will insist on your using a conveyancer on the Metro 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 Metro 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 Metro Bank mortgage is registered as a charge at the Land Registry.
Are all Conveyancing Quality Solicitors on the Metro Bank conveyancing panel?
Some major lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
Do conveyancing solicitors on the Metro Bank conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Last month we had a mortgage agreed in principle with Metro Bank. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Metro Bank?
There is no definitive answer here. Have Metro Bank done the valuation? Have you advised Metro Bank as your lawyers details and checked that your lawyer is on the Metro Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through