FAQs for the Metro Bank Solicitor Panel from members of the public
My Conveyancer has never been on on the Metro Bank Conveyancing Panel. Can I still retain my preferred solicitor notwithstanding that they are excluded from the Metro Bank list of approved lawyers?
You will need to have a conveyancer complete the legal work required when you take out a Metro Bank mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Metro Bank conveyancing panel additional costs will be incurred as separate legal representation will be required by Metro Bank. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Metro Bank was issued random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My solicitor has advised that as she is on the Metro Bank conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Metro Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Metro Bank)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Metro Bank.
Do I have to have a meeting at the offices of the Metro Bank conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for Metro Bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am considering remortgaging my house does my lawyer have to be on the Metro Bank Conveyancing 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.
When it comes to mortgage companies such as Metro Bank do solicitors have to be pay a fee to be on the conveyancing panel?
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.
Why might a lender such as Metro Bank withdraw a mortgage offer?
Lenders such as Metro Bank can revoke their mortgage offer although this rarely happens. should Metro Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a number of examples:
- If the borrower informs Metro Bank of a change in security address
- If the borrower informs Metro Bank of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Metro Bank conveyancing panel solicitors would be obliged to notify Metro Bank of a change in the price of the property.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
