West Bromwich Mortgage Company Conveyancing Panel Example Support Desk Enquires from members of the public
My partner and I are first time buyers. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. West Bromwich Mortgage Company have this evening contacted us to advise us that there is now an issue as our conveyancer is not on their conveyancing panel. What do we do from here?
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 West Bromwich Mortgage Company and see if they can apply for membership of the West Bromwich Mortgage Company conveyancing panel, but if that is not viable West Bromwich Mortgage Company will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the West Bromwich Mortgage Company conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My solicitor has uncovered a discrepancy between the information in West Bromwich Mortgage Company’s valuation report and what is in the conveyancing documents. My lawyer informs me that as he is on the West Bromwich Mortgage Company conveyancing panel he is duty bound to check that the lender is with this discrepancy and is content go ahead. Is my conveyancer’s approach legitimate?
A precondition to being on the West Bromwich Mortgage Company approved panel is to comply with the CML Handbook requirements (last updated for this lender on West Bromwich Mortgage Company) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am buying a house and require a conveyancing solicitor in Newcastle who is on the West Bromwich Mortgage Company conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for West Bromwich Mortgage Company . We don’t recommend any particular firm.
We're in London, FTBs purchasing with a mortgage (lender is West Bromwich Mortgage Company , but our solicitor is on the West Bromwich Mortgage Company conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the West Bromwich Mortgage Company conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
When it comes to mortgage companies such as West Bromwich Mortgage Company do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
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 West Bromwich Mortgage Company on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the West Bromwich Mortgage Company conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the West Bromwich Mortgage Company panel she or he must comply with the CML Handbook requirements for West Bromwich Mortgage Company. Unless your lawyer obtains specific confirmation in writing that West Bromwich Mortgage Company 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 West Bromwich Mortgage Company to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with West Bromwich Mortgage Company?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the West Bromwich Mortgage Company conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with West Bromwich Mortgage Company and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.