Metro Bank Conveyancing Panel : Questions and Answers
from members of the public
Am I correct in assuming that the fact that my solicitor is not on the Metro Bank Solicitor panel that there is a problem with the quality of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Metro Bank.
My wife and I changing mortgage lender for our maisonette 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 anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the Metro Bank conveyancing panel as he did not need to sign this form when we bought 5 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 have a meeting at the offices of the Metro Bank conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can pop in to their offices if required.
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.
My grandfather passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £4500. 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.
We were going to get a DIP from Metro Bank this week so we know how much we could potentially offer 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.
My fiance and I are in the process of looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Metro Bank
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Metro Bank , make sure you remember to check that your lawyer is on the Metro Bank conveyancing panel.
I have instructed a lawyer having made sure that they are on the Metro Bank conveyancing panel. Does my lawyer arrange the survey of the property?
Having digested plenty of house buying,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Metro Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Metro Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Metro Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Metro Bank you could contact your them to see if they have a list of approved surveyors.