FAQs for the Metro Bank Conveyancing Panel from members of the public
Is there a reason why all property lawyers aren't included on the Metro Bank Conveyancing panel?
Metro Bank and other mortgage companies normally restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Metro Bank have no responsibility for the quality of advice provided by any member of Metro Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
My husband and I changing mortgage lender for our apartment with Metro Bank. We have a son approaching twenty who lives with us. The solicitor on the Metro Bank conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Metro Bank conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Metro Bank .This is solely used to protect the Metro Bank if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Metro Bank had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary during the course of the conveyancing process to visit the offices of the Metro Bank conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can pop in to their offices when needed.
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 Newcastle
.
I am trying to get my ex-husband taken off the mortgage deeds. Can Metro Bank really tell me which solicitor I can or can not instruct?
You can use any solicitor you like but Metro Bank then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Metro Bank solicitors panel
Are all Conveyancing Quality Solicitors on the Metro Bank conveyancing panel?
Some major banks and building societies now use the accreditation scheme 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 Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
We have had an offer accepted on a flat I spoke to a conveyancer previously used by my dad and he advised instructing a solicitor approved by Metro Bank. The estate agent recommended two local firms so I asked Metro Bank if the 2 suggested solicitors are approved, which they are not. Metro Bank suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Metro Bank 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Metro Bank for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Metro Bank conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Metro Bank conveyancing panel as it may only take about 2-3 weeks. As long as they meet Metro Bank’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Me and my partner are acquiring a penthouse in Hendon. Conveyancing solicitors in Hendon need to beretained. My fathersuggested that we check that the conveyancer in Hendon is on the Metro Bank list of approved conveyancing firms. Surely I don't need to do this, do I?
Not all Hendon conveyancing practices are on the Metro Bank conveyancing panel. 8 people a month use our search tool to locate a Hendon conveyancing firm on the on the Metro Bank approved list of lawyers.