Metro Bank Solicitor Panel Recently Asked Questions from members of the public
I would like to know the reason why all solicitors are not 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.
I am buying a newly built apartment and my conveyancer is informing me that she is duty bound to reveal incentives from the developer as her practice is on the Metro Bank conveyancing panel. I am nearing the developer’s deadline to exchange contracts and I dont want to prolong matters. Can I insist on an exchange regardless of what my lawyer says about being on the Metro Bank panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Metro Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Metro Bank). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the lawyers identified as being on the Metro Bank conveyancing panel, together with their details provided by Metro Bank?
The law firm practices themselves provide us confirmation that they are on the Metro Bank conveyancing panel as opposed to being supplied with a list from Metro Bank directly.
I am remortgaging my property does my lawyer have to be on the Metro Bank Solicitor panel?
In theory, you could use a solicitor that is not on Metro Bank conveyancing panel, but Metro Bank would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
We expect to receive a DIP from Metro Bank this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Metro Bank recommend a solicitor on the Metro Bank conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Metro Bank conveyancing panel. The solicitor represents both you and the Metro Bank through the process.
For 5 years I had a mortgage with Metro Bank. My father retired last week and wants to pay off the mortgage left on the property. After Metro Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Metro Bank conveyancing panel? I do not intend to live at the property once the Metro Bank mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Metro Bank 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. There's no capital gains tax for you as it is
your main residence.
Metro Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Metro Bank or your broker and complete any relevant paperwork. Metro Bank will tell you what documents they want. Metro Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Metro Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.