Monmouthshire Building Society Conveyancing Panel Recently Asked Questions
from members of the public
I am expecting a offer of a mortgage from Monmouthshire Building Society. I intend to employ the services of a Licensed Conveyancer. Does the Monmouthshire Building Society Solicitor panel exclude conveyancers regulated by the CLC
Monmouthshire Building Society’s approved solicitor list is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Please help. My solicitor is advising me that he is legally obliged to order a Local Authority search because the firm are on the Monmouthshire Building Society approved lawyer panel. Is this really necessary?
You have limited options available to you. As you are taking a mortgage with Monmouthshire Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Monmouthshire Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Monmouthshire Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Whilst your website is a good idea there are many lawyers listed near Leeds on the Monmouthshire Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Monmouthshire Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My solicitors in Leeds have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Monmouthshire Building Society. Is it case that being on the Monmouthshire Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Monmouthshire Building Society Conveyancing Panel Terms. It might be worth you contacting Monmouthshire Building Society directly.
What are the common reasons for a lender such as Monmouthshire Building Society to withdraw a mortgage offer?
Banks and Building Societies such as Monmouthshire Building Society can revoke their mortgage offer although this is unusual. If Monmouthshire Building Society 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 few examples:
Where information comes to Monmouthshire Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
If the financial circumstances of the borrower have changed to the detriment and the Monmouthshire Building Society has been notified
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
Where the sale is not at arms length for value to unconnected persons
If the solicitor on the Monmouthshire Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Monmouthshire Building Society ‘s instructions
We were going to get a DIP from Monmouthshire Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Monmouthshire Building Society recommend a solicitor on the Monmouthshire Building Society 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 Monmouthshire Building Society conveyancing panel. The solicitor represents both you and the Monmouthshire Building Society through the process.
My existing mortgage is with Monmouthshire Building Society. My godfather retired last week and wants to pay off my mortgage. After Monmouthshire Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Monmouthshire Building Society conveyancing panel? I do not intend to live at the property once the Monmouthshire Building Society mortgage is discharged.
will need a solicitor but they need not be on the Monmouthshire Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.