Metro Bank Conveyancing Panel Recently Asked Questions from members of the public
My Conveyancer has never been on on the Metro Bank Solicitor Panel. Can I still use my preferred solicitor even though they are excluded from the Metro Bank approved list?
The most common options here are as follows:
- Complete the purchase with your existing solicitors but Metro Bank will need to instruct a lawyer on the Metro 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 Metro Bank conveyancing panel.
- Urge your lawyer to apply to join the Metro 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 Metro Bank. What risks do Metro Bank expect the insurance to cover?
All property lawyers on the Metro 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 Metro Bank’s Part 2 requirements of the CML Handbook (last updated on Metro Bank). Being on the Metro Bank conveyancing panel your lawyer is expect to follow these instructions.
Do I need to visit the offices of the Metro Bank conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can pop in to their offices if necessary.
As opposed to ten 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 Liverpool
.
I am purchasing a right to buy flat and getting a mortgage with Metro Bank. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Metro Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Metro Bank conveyancing panel in your location.
When it comes to mortgage companies such as Metro Bank do solicitors have to be pay a fee to be on the list of approved solicitors?
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.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Metro Bank conveyancing panel requirements are different to Metro Bank’s conveyancing panel criteria.
My brother and I are purchasing a garden flat in Hendon. Conveyancing solicitors in Hendon need to beappointed. My friendsuggested that we make sure that the conveyancer in Hendon is on the Metro Bank approved list of lawyers. Surely I don't need to do this, do I?
A limited percentage of Hendon conveyancing solicitors are on the Metro Bank conveyancing panel. 8 people a month use our search tool to search for a Hendon conveyancing practitioner on the on the Metro Bank approved list of lawyers.
