Metro Bank Conveyancing Panel Sample Enquires to our Call Center from members of the public
I am progressing with the sale of my maisonette and the EA has just texted me to say that the buyers are changing their property lawyer. The excuse is that Metro Bank will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with certain law firms?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My conveyancer has uncovered a discrepancy between the information in Metro Bank’s home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that as he is on the Metro Bank conveyancing panel he must check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
A precondition 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 do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am planning to acquire a house and require a conveyancing solicitor in Manchester who is on the Metro Bank solicitor. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Metro Bank . We don’t recommend any particular firm.
My grandfather passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Metro Bank , pay off the mortgage etc. Is this allowed?
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 can work out what to offer on a property we like 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 find our own lawyer
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 husband and I are spending time looking at apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a home loan with Metro Bank
It would be sensible to have your start your search soon rather than later. 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 estate agent. 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 can not work out if my mortgage offer requires a lease extension . I have called into my local branch Metro Bank on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Metro Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Metro Bank panel she or he must comply with the CML Handbook requirements for Metro Bank. Unless your lawyer obtains specific confirmation in writing that Metro Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Metro Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.