West Bromwich Mortgage Company Solicitor Panel Sample Enquires to our Call Center from members of the public
Am I correct in assuming that the fact that my solicitor is not isted on the West Bromwich Mortgage Company Solicitor panel that there is a problem with the quality of his work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for West Bromwich Mortgage Company.
I am due to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for West Bromwich Mortgage Company. What does the insurance need to cover?
Any lawyer on the West Bromwich Mortgage Company conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in West Bromwich Mortgage Company’s Part 2 requirements of the CML Handbook (last updated on West Bromwich Mortgage Company). Being on the West Bromwich Mortgage Company conveyancing panel your lawyer is expect to follow these requirements.
I note that you have a search directory listing solicitors on the West Bromwich Mortgage Company conveyancing panel. Do firms pay you a referral fee if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the West Bromwich Mortgage Company conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a West Bromwich Mortgage Company mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for West Bromwich Mortgage Company?
There is nothing to stop you using your solicitor but West Bromwich Mortgage Company will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is it common for West Bromwich Mortgage Company to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as West Bromwich Mortgage Company can revoke their mortgage offer although this is unusual. should West Bromwich Mortgage Company 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 number of examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that West Bromwich Mortgage Company conveyancing panel solicitors would be obliged to notify West Bromwich Mortgage Company of a change in the price of the property.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the sale is not at arms length for value to unconnected persons
- 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
