Frequently asked questions relating to the Monmouthshire Building Society Conveyancing Panel from members of the public
My financial adviser has informed me that I have to pay Monmouthshire Building Society fees should I instruct my family lawyer. How good are the Monmouthshire Building Society conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH as long as they're good and not exorbitantly priced. Are there any Monmouthshire Building Society conveyancers you'd recommend?
Monmouthshire Building Society’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Monmouthshire Building Society will allow to act for them.
My wife and I are refinancing our maisonette with Monmouthshire Building Society. We have a son 18 who lives with us. The solicitor on the Monmouthshire Building Society conveyancing panel requested us to identify anyone over the age of 17 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 apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Monmouthshire Building Society conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights 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 Monmouthshire Building Society .This is solely used to protect the Monmouthshire Building Society 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 Monmouthshire Building Society 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.
Are the lawyers identified as being on the Monmouthshire Building Society conveyancing panel, together with their details provided by Monmouthshire Building Society?
The law firm practices themselves provide us confirmation that they are on the Monmouthshire Building Society conveyancing panel as opposed to being supplied with a list from Monmouthshire Building Society directly.
I am buying a new build flat and getting a mortgage with Monmouthshire Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Monmouthshire Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Monmouthshire Building Society conveyancing panel in your location.
Why might a lender such as Monmouthshire Building Society withdraw a mortgage offer?
Lenders such as Monmouthshire Building Society can withdraw their mortgage offer although this rarely happens. should Monmouthshire Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Monmouthshire Building Society 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.
- If the borrower informs Monmouthshire Building Society 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 Monmouthshire Building Society conveyancing panel solicitors would be obliged to notify Monmouthshire Building Society of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
Planning on purchasing a house with a mortgage with Monmouthshire Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Monmouthshire Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Monmouthshire Building Society conveyancing panel
Me and my partner are acquiring a terraced house in Hendon. Conveyancing solicitors in Hendon are preferred to beappointed. My friendadvised that we enquire that the conveyancer in Hendon is on the Monmouthshire Building Society approved list of lawyers. Is this right?
Not all Hendon conveyancing practices are on the Monmouthshire Building Society conveyancing panel. Click here to locate a Hendon conveyancing firm on the on the Monmouthshire Building Society list of approved conveyancing firms.