Nationwide BS Conveyancing Panel : Questions and Answers from members of the public
I am in the process of selling my house and the EA has just e-mailed to warn that the purchasers are changing their law firm. The reason given is that Nationwide Building Society will only work with solicitors on their approved list. Why would a leading mortgage company only deal with certain solicitors?
Mortgage companies 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase 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 Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Nationwide BS. What risks do Nationwide Building Society expect the insurance to cover?
All property lawyers on the Nationwide BS 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 Nationwide Building Society’s Part 2 requirements of the CML Handbook (last updated on Nationwide BS). Being on the Nationwide Building Society conveyancing panel your lawyer is expect to follow these requirements.
I see that you have a search directory listing solicitors on the Nationwide BS conveyancing panel. Do firms pay you a referral fee if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Nationwide Building Society mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nationwide BS?
There is nothing to stop you using your solicitor but Nationwide Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have a mortgage with Nationwide BS. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide Building Society?
Your original mortgage agreement with Nationwide BS will provide that you need their approval in advance of renting your property as this is likely to be a breach of Nationwide Building Society’s mortgage conditions. It may be that Nationwide BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide Building Society directly. You need not do this via a Nationwide BS conveyancing panel solicitor.
Completion of my purchase has taken place with a mortgage from Nationwide Building Society. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Nationwide BS. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the Nationwide Building Society branches or the Customer Care Team at Nationwide BS head office. Ordinarily complaints to Nationwide Building Society are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service who will take matters further.
I am due to exchange contracts on my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nationwide BS are being pedantic. The solicitor who is on the Nationwide Building Society conveyancing panel is saying indemnity insurance will be fine but Nationwide BS are insisting on a building regulation certificate. Why do Nationwide Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Nationwide BS have referred the matter to their valuer. The reason why Nationwide 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.