Common questions asked concerning the Ulster Bank Conveyancing Panel from members of the public
My Solicitor is not listed on the Ulster Bank Solicitor Panel. Can I still continue with my preferred solicitor even though they are not on the Ulster Bank list of approved lawyers?
You have a number of options available to you here:
- Complete the purchase with your preferred solicitors but Ulster Bank will need to instruct a lawyer on the Ulster Bank conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Ulster Bank conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Ulster Bank conveyancing panel
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.
I see that you have a search directory listing firms on the Ulster Bank conveyancing panel. Do firms pay you a commission if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Ulster Bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
What happens if my lawyer’s firm is expelled from the Ulster Bank Conveyancing panel in advance of the completion date?
The first thing to point out is that, 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.
Two weeks ago we had a mortgage agreed in principle with Ulster Bank. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Ulster Bank?
Some lenders take longer than others. Have Ulster Bank done the valuation? 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
I am about to exchange contracts on a purchase with a mortgage from Ulster Bank. The report from my solicitor mentions that Ulster Bank could withdraw their offer before completion. Is this right?
Lenders such as Ulster Bank can withdraw their mortgage offer although this rarely happens. In the unlikely event that Ulster Bank withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 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
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- 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
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Ulster Bank on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Ulster Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Ulster Bank panel she or he must comply with the CML Handbook requirements for Ulster Bank. Unless your lawyer obtains specific confirmation in writing that Ulster Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Ulster Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
