FAQs for the National Counties Building Society Conveyancing Panel from members of the public
I am in the process of selling my house and the estate agent has just e-mailed to warn that the buyers are changing their property lawyer. The reason given is that National Counties Building Society will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms?
Lenders have always had panels 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 more than 15 years.
Banks blame a rise in fraud by way of justification 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.
I am due to move into my new home next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for National Counties Building Society. What does the insurance need to cover?
Any lawyer on the National Counties Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in National Counties Building Society’s Part 2 requirements of the CML Handbook (last updated on National Counties Building Society). Being on the National Counties Building Society conveyancing panel your lawyer is expect to follow these instructions.
I am searching for online conveyancing estimates. Can I be assured that all the practices that are listed on your website are on the National Counties Building Society conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the National Counties Building Society panel and agreed to advise us to take down their listing in the event of removal off of the National Counties Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the National Counties Building Society conveyancing panel is incorrect.
My house is up for sale and I have a buyer. Does my solicitor have to be on the National Counties Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the National Counties Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I have paid off my mortgage with National Counties Building Society. I assume I don't need a solicitor on the National Counties Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your National Counties 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 National Counties Building Society mortgage from the register. National Counties 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 National Counties Building Society has sent the Land Registry the discharge electronically, and
the National Counties Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your National Counties Building Society mortgage has been paid off.
I am selling my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, National Counties Building Society are being a right pain. The solicitor who is on the National Counties Building Society conveyancing panel is recommending indemnity insurance as a solution but National Counties Building Society are insisting on a building regulation certificate. Why do National Counties Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that National Counties Building Society have referred the matter to their valuer. The reason why National Counties Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
My offer on house has been accepted, but there is a chain. 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 should be my next step? When should I get the mortgage app going with National Counties 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 National Counties 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 National Counties Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.