FAQs : The Nationwide BS Solicitor Panel
from members of the public
My husband and I are hoping to buy a 2 bedroom flat in Leeds with a mortgage from Nationwide Building Society. We would like to retain our solicitor but Nationwide BS says he's not on their "panel". It seems we have little choice but to instruct one of the Nationwide Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Nationwide BS use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Nationwide Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nationwide BS
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Nationwide Building Society was issued random date and we have agreed a date for me to move into the property on Tues etc. My lawyer says that as she is on the Nationwide BS conveyancing panel she needs to redo the searches as they are now out of date.
One of the many conditions to being on the Nationwide Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Nationwide BS)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Nationwide Building Society.
I have been Googling for conveyancing quotes online. Can I be assured that all the law firms that are listed on your site are on the Nationwide BS conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the Nationwide Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Nationwide BS panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Nationwide Building Society conveyancing panel is not accurate.
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Nationwide BS , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Nationwide Building Society will insist on your using a conveyancer on the Nationwide BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide BS mortgage is registered as a charge at the Land Registry.
Are all Conveyancing Quality Solicitors on the Nationwide Building Society conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
Is it the case that all solicitor firms on the Nationwide BS conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Nationwide Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Intending to buy a house with a mortgage with Nationwide BS. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide 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 Nationwide BS conveyancing panel