Nottingham Building Society Conveyancing Panel : Questions and Answers from members of the public
My fiance and I are purchasing a 2 bedroom apartment in London with a mortgage from Nottingham Building Society. We have a lawyer but Nottingham Building Society says he's not on their "panel". It seems we have little choice but to instruct one of the Nottingham 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; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Nottingham 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Nottingham Building Society
I am purchasing a brand new apartment and my solicitor is informing me that she has to disclose incentives from the seller as her practice is on the Nottingham Building Society conveyancing panel. The Estate Agents are hassling me to sign contracts and I would rather not prolong deal. Can I insist on an exchange regardless of what my lawyer says about being on the Nottingham Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Nottingham Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Nottingham 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.
How up to date is your search tool for the Nottingham Building Society conveyancing panel? Do Nottingham Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Nottingham Building Society conveyancing panel as opposed to being supplied with a list from Nottingham Building Society directly.
What happens if my lawyer’s firm is suspended from the Nottingham Building Society Solicitor panel prior to the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is there a list of Nottingham Building Society panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
What are the common reasons for a lender such as Nottingham Building Society to withdraw a mortgage offer?
Lenders such as Nottingham Building Society can withdraw their mortgage offer although this rarely happens. should Nottingham Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- If the financial circumstances of the borrower have changed to the detriment and the Nottingham Building Society has been notified
- If the borrower informs Nottingham Building Society of a change in security address
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
- If the solicitor on the Nottingham Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Nottingham Building Society ‘s instructions
I had an offer accepted on an apartment on the 7th January 2014, valuation was booked 4 days later, received a clean bill of health. Property lawyer instructed, so all that was missing was my mortgage offer. Having made daily calls to Nottingham Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Nottingham Building Society conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham Building Society to deal with your lawyers application to be on the Nottingham Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
