Nottingham Building Society Conveyancing Panel : Questions and Answers
from members of the public
What is the rationale as to why all solicitors are not on the Nottingham Building Society Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
I am purchasing a newly built duplex and my conveyancer is advising me that she is duty bound to reveal incentives from the builder as her firm is on the Nottingham Building Society conveyancing panel. The Estate Agents are hassling me to sign contracts and I would rather not delay deal. is my lawyer taking the correct approach?
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.
I note that you have a post code search directory identifying solicitors on the Nottingham Building Society conveyancing panel. Do firms pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my lawyer’s firm is suspended from the Nottingham Building Society Solicitor panel prior to completion?
The first thing to point out is that, this is a very rare occurrence. 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 it the case that all solicitor practices on the Nottingham Building Society conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Nottingham 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).
I have a mortgage with Nottingham Building Society. My uncle retired last week and wants to pay off my mortgage. After Nottingham Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Nottingham Building Society conveyancing panel? I do not intend to live at the property once the Nottingham Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Nottingham Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
Me and my partner are purchasing a penthouse in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My brother-in-lawrecommended that we check that the conveyancing practitioner in Hendon is on the Nottingham Building Society panel. Is this really necessary?
Far from all Hendon conveyancing firms are on the Nottingham Building Society conveyancing panel. Use the above search tool to search for a Hendon conveyancing solicitor
on the on the Nottingham Building Society approved list of lawyers.