Monmouthshire Building Society Conveyancing Panel : Questions and Answers
from members of the public
The solicitor my fiance and I had intended to instruct on a remortgage said she will levy higher legal fees if my lender is because of their unusual legal requirements. Am I likely to be frustrated using Monmouthshire Building Society? Any comments will be appreciated
Monmouthshire Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Monmouthshire Building Society conveyancing panel. If they are not, this does add further risk of delay as Monmouthshire Building Society will appoint their own solicitors to look after their interest.
I am purchasing a newly built flat and my conveyancer is advising me that she is duty bound to disclose incentives from the builder as her firm is on the Monmouthshire Building Society conveyancing panel. The Estate Agents are hassling me to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Monmouthshire Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Monmouthshire Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Monmouthshire Building Society conveyancing panel. My lawyer has said that they are on the Monmouthshire Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Monmouthshire Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Monmouthshire Building Society solicitor panel.
I am purchasing a new build flat and getting a mortgage with Monmouthshire Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
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.
I have paid off my mortgage with Monmouthshire Building Society. I assume I don't need a solicitor on the Monmouthshire Building Society panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Monmouthshire Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Monmouthshire Building Society mortgage from the register. Monmouthshire Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Monmouthshire Building Society has sent the Land Registry the discharge electronically, and
the Monmouthshire Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Monmouthshire Building Society mortgage has been paid off.
Monmouthshire Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Monmouthshire Building Society or your broker and complete any relevant paperwork. Monmouthshire Building Society will tell you what documents they want. Monmouthshire Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Monmouthshire Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Monmouthshire Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Monmouthshire Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Monmouthshire Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.