Frequently asked questions relating to the Ulster Bank Solicitor Panel from members of the public
My wife and I are novices when it comes to buying a property. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Ulster Bank have this evening contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Ulster Bank and see if they can apply for membership of the Ulster Bank conveyancing panel, but if that is not viable Ulster Bank will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Ulster Bank conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We are nearing an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Ulster Bank. I am advised that, being on the Ulster Bank conveyancing panel and acting on their behalf he must inform Ulster Bank if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Ulster Bank to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Ulster Bank if you agree, failing which, your lawyer must cease to continue acting.
Do I need to pop into the offices of the Ulster Bank conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can pop in to their offices when needed.
Whereas this was necessary 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Manchester
.
I am considering applying for a Ulster Bank mortgage for purchase of a new build (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Ulster Bank?
There is nothing to stop you using your solicitor but Ulster Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Two weeks ago we had a mortgage agreed in principle with Ulster Bank. Solicitors have been instructed? How long does it take for Ulster Bank to send the offer to our conveyancer
Some lenders take longer than others. Have Ulster Bank completed the survey? Have you advised Ulster Bank as your lawyers details and checked that your lawyer is on the Ulster Bank conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
My husband and I are at the point of looking at houses and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a home loan with Ulster Bank
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Ulster Bank , ask your prospective lawyers check they are on the Ulster Bank conveyancing panel otherwise they can't do the mortgage legal work.
I have instructed a lawyer having made sure that they are on the Ulster Bank conveyancing panel. Does my lawyer arrange the survey of the property?
Or
I've read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Ulster Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Ulster Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Ulster Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
or
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Ulster Bank you could contact your them to see if they have a list of approved surveyors.