Ulster Bank Conveyancing Panel Recently Asked Questions from members of the public
I am selling my apartment and the estate agent has just texted me to advise that the buyers are swapping solicitor. I am told that this is due to the fact that Ulster Bank will only work with property lawyers on their approved list. Why would a major lender only deal with certain law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are only a couple days away from 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 make a notification to my lender Ulster Bank. Apparently, 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 coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the home loan 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.
What tools are available to search for a local solicitor on the Ulster Bank conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Ulster Bank solicitor panel.
I was due to complete on my dream home last Thursday. My solicitor is on the Ulster Bank solicitors panel but has changed address 8 weeks ago and had not informed Ulster Bank of their new address. Ulster Bank has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Ulster Bank branch or your mortgage broker to see if they can help.
Is there a list of Ulster Bank panel solicitors on the Council of Mortgage Lender’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.
My offer was accepted on a house on the 20th February 2014, valuation was booked 4 days later, all came back fine. Property lawyer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Ulster Bank and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Ulster Bank conveyancing panel. Are Ulster Bank entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Ulster Bank to deal with your lawyers application to be on the Ulster Bank conveyancing panel. There's no guarantee that your solicitors will be accepted.
Ulster Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Ulster Bank or your broker and complete any relevant paperwork. Ulster Bank will tell you what documents they want. Ulster Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Ulster Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.