Metro Bank Solicitor Panel Recently Asked Questions from members of the public
I was advised recently by my IFA that my lawyer is not on the Metro Bank Conveyancing panel. How can I be sure that this is correct?
You need to contact your lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Metro Bank.
My wife and I intend to remortgage our apartment with Metro Bank. We have a son 18 who lives with us. The solicitor on the Metro Bank conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment 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 bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Metro Bank conveyancing panel solicitor is doing the right thing 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.
I see that you have a post code search directory listing firms on the Metro Bank conveyancing panel. Do firms pay you a commission if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Metro Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my solicitor is expelled from the Metro Bank Conveyancing panel before the completion date?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to lenders 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.
Is there a list of Metro Bank panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Why might a lender such as Metro Bank withdraw a mortgage offer?
Lenders such as Metro Bank can withdraw their mortgage offer although this is unusual. should Metro Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
- Where information comes to Metro Bank ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Many mortgage offers have an expiry date. Your lawyer should check this. Metro Bank may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where to proceed with the Mortgage offer would be unlawful
- Where the Lender’s right to possession is fettered in some way
