Q and A’s regarding the West Bromwich Building Society Conveyancing Panel from members of the public
I instructed a solicitor to work on my purchase six weeks ago having applied for a mortgage with West Bromwich Building Society. The solicitors assured me that they are on West Bromwich Building Society conveyancing panel and provided me their panel reference. West Bromwich Building Society then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the approved panel for West Bromwich Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the West Bromwich Building Society as to the time frame to get your lawyer reinstated on the panel once again.
We are only a couple days away from an exchange and my parents having sent 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 West Bromwich Building Society. Apparently, being on the West Bromwich Building Society conveyancing panel and acting on their behalf he must inform West Bromwich Building Society if the balance of the mortgage advance is coming from anyone other than me. I advised 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 West Bromwich Building Society 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 West Bromwich Building Society if you agree, failing which, your lawyer must cease to continue acting.
Your search tool is useful but there are many lawyers listed near Chelsea on the West Bromwich Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for West Bromwich Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am buying a terraced house and getting a mortgage with West Bromwich Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the West Bromwich Building Society 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 West Bromwich Building Society conveyancing panel in your location.
Do conveyancing solicitors on the West Bromwich Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I am buying a property where the roof has a solar panel. West Bromwich Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is West Bromwich Building Society your lawyer must to check the West Bromwich Building Society conveyancing instructions contained in the Part of CML Handbook for West Bromwich Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to West Bromwich Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I have a mortgage with West Bromwich Building Society. My grandfather has just retired and wants to pay off the mortgage left on the property. After West Bromwich Building Society 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 West Bromwich Building Society conveyancing panel? I do not intend to live at the property once the West Bromwich Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the West Bromwich Building Society 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.