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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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How does my firm apply to be on the Masthaven Bank Conveyancing Panel? How can my firm be reinstated onto the Masthaven Bank Conveyancing Panel?Find an Approved Solicitor on the Masthaven Bank Conveyancing Panel
FAQs for the Masthaven Bank Solicitor Panel
Is there a reason why all solicitors aren't included on the Masthaven Bank Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
We are nearing an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Masthaven Bank. I am advised that, being on the Masthaven Bank conveyancing panel and acting on their behalf he must inform Masthaven Bank if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Masthaven Bank 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 Masthaven Bank if you agree, failing which, your lawyer must cease to continue acting.
Whilst your website is a good idea there are many lawyers listed near Coventry on the Masthaven Bank conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Masthaven Bank ?
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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I am considering applying for a Masthaven Bank mortgage for purchase of a newly converted (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Masthaven Bank?
There is nothing to stop you using your solicitor but Masthaven Bank will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I currently have a mortgage with with Masthaven Bank. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Masthaven Bank?
Your original mortgage agreement with Masthaven Bank will provide that you need their approval prior to letting out your property as this is likely to be a breach of Masthaven Bank’s mortgage conditions. It may be that Masthaven Bank will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Masthaven Bank directly. You need not do this via a Masthaven Bank conveyancing panel lawyer.
I had an offer accepted on an apartment on the 17th January 2014, valuation was booked five days after, received a clean bill of health. Property lawyer instructed, so all that was missing was my mortgage offer. Having made daily calls to Masthaven Bank and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Masthaven Bank conveyancing panel. Are Masthaven Bank entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Masthaven Bank to deal with your lawyers application to be on the Masthaven Bank conveyancing panel. There's no guarantee that your solicitors will be accepted.
My brother and I are acquiring a flat in Hendon. Conveyancing solicitors in Hendon are preferred to beinstructed. My motherrecommended that we make sure that the conveyancing practitioner in Hendon is on the Masthaven Bank approved list of lawyers. Is this really necessary?
Far from all Hendon conveyancing solicitors are on the Masthaven Bank conveyancing panel. 7 people a month use our search tool to search for a Hendon conveyancing practitioner on the on the Masthaven Bank list of approved conveyancing firms.
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Transfer of Equity for Masthaven BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors