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Ready to buy a new home? Failing to check that a lawyer is on the Masthaven list of approved solicitors can put your transaction at risk of delay or failure.
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I would like to know the reason why all property lawyers are not on the Masthaven Bank Solicitor panel?
Even though it may seem unfair for Masthaven Bank to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Masthaven Bank are limiting their conveyancing panel to a manageable size. The Masthaven Bank conveyancing panel is not the most restricted
I am buying a newly constructed apartment and my conveyancer is advising me that she has to disclose incentives from the developer as her firm is on the Masthaven Bank conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to delay deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Masthaven Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Masthaven Bank). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been searching for competitive conveyancing fees. Can I be assured that all the firms that are listed on your directory are on the Masthaven Bank conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Masthaven Bank panel and agreed to advise us to take down their listing in the event of removal off of the Masthaven Bank panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Masthaven Bank conveyancing panel is incorrect.
I was scheduled to complete on my first house last Thursday. My lawyer’s firm is on the Masthaven Bank solicitors panel but has moved offices in the past couple of months and had not informed Masthaven Bank of their new address. Masthaven Bank is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. Most 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 Masthaven Bank branch or your mortgage broker to see if they can help.
I am currently in the process of buying my council flat. I have a mortgage agreed with Masthaven Bank. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Masthaven Bank you will need to appoint a solicitor on the Masthaven Bank conveyancing panel.
I recently had an offer accepted on an apartment. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Masthaven Bank conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Masthaven Bank panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a house with a mortgage with Masthaven Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Masthaven Bank conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Masthaven Bank conveyancing panel
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