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A solicitor I wanted to use for conveyancing on a purchase said he will levy higher legal fees if my mortgage is with Masthaven Bank due to their difficult processes! Will I regret using Masthaven Bank? Is Masthaven Bank conveyancing so much more difficult?
Masthaven Bank conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Masthaven Bank conveyancing panel. If they are not, this does add further risk of delay as Masthaven Bank will appoint their own solicitors to look after their interest.
Much to my surprise my conveyancing solicitor is asking me for identification documents saying that this forms part of his retainer as a solicitor on the Masthaven Bank Conveyancing panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Masthaven Bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Masthaven Bank CML Handbook requirements last updated on Masthaven Bank
Is it necessary during the course of the conveyancing process to visit the offices of the Masthaven Bank conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in London
so that I can attend their offices when needed.
Most conveyancing panel lawyers for Masthaven Bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am selling my house. Does my solicitor have to be on the Masthaven Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Masthaven Bank conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is it the case that all conveyancing solicitors on the Masthaven Bank 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
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Masthaven Bank conveyancing panel requirements are different to Masthaven Bank’s conveyancing panel requirements.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to move forward? I plan to obtain a mortgage with Masthaven Bank. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Masthaven Bank involved you will need to appoint a solicitor on the Masthaven Bank conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Masthaven Bank. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Masthaven Bank conveyancing panel.
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