Frequently asked questions relating to the Ulster Bank Conveyancing Panel from members of the public
My partner and I are novices when it comes to buying a property. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Ulster Bank have this afternoon contacted us to inform me that they have now hit a problem as our lawyer is not on their approved list of lawyers. 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 solicitors 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 as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Ulster Bank will not agree to this. Why was Ulster Bank even consulted?
Your lawyer being on the Ulster Bank conveyancing panel is duty bound to inform Ulster Bank of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Ulster Bank then they would have to discontinue acting for you and Ulster Bank.
Do I need to have a meeting at the offices of the Ulster Bank conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Liverpool
so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for Ulster Bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am buying a semi-detached house and getting a mortgage with Ulster Bank. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Ulster Bank conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Ulster Bank conveyancing panel in your location.
What are the common reasons for a lender such as Ulster Bank to withdraw a mortgage offer?
Banks and Building Societies such as Ulster Bank can revoke their mortgage offer although this rarely happens. should Ulster Bank withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- Ulster Bank may amend or withdraw an offer if the Ulster Bank conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Ulster Bank conveyancing panel solicitors would be obliged to notify Ulster Bank of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender has to take account a recent change in law
- 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
My existing mortgage is with Ulster Bank. My godfather has just retired and wants to pay off my mortgage. After Ulster Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Ulster Bank conveyancing panel? I do not intend to live at the property once the Ulster Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Ulster Bank conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
After much negotiation I have agreed a price on a house. My financial adviser suggested a solicitor I paid an upfront payment of 225. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Ulster Bank conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Ulster Bank panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
