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Ready to buy a new home? Failing to check that a lawyer is on the Metro Bank 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 Metro Bank plc Conveyancing Panel? How can my firm be reinstated onto the Metro Bank plc Conveyancing Panel?Find an Approved Solicitor on the Metro Bank plc Conveyancing Panel
FAQs for the Metro Bank Solicitor Panel
I was advised recently by my lender that my the law firm I have appointed is not on the Metro Bank Solicitor panel. How can I be certain that this is indeed the case?
The first thing you need to do is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the the approved Metro Bank solicitor panel.
We are approaching an exchange and my parents having sent 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 Metro Bank. I am advised that, being on the Metro Bank conveyancing panel and acting on their behalf he must inform Metro Bank if the balance of the mortgage advance is coming from anyone other than me. I informed 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 Metro 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 Metro Bank if you agree, failing which, your lawyer must cease to continue acting.
I have been searching for online conveyancing estimates. Can I be sure that all the practices that are listed on your site are on the Metro Bank conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the Metro Bank panel and agreed to advise us to take down their listing in the event of removal off of the Metro 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 Metro Bank conveyancing panel is not accurate.
I am selling my house. Does my solicitor have to be on the Metro Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Metro 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 solicitor practices on the Metro Bank conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Metro Bank conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have a mortgage with Metro Bank. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Metro Bank?
Your original mortgage agreement with Metro Bank will provide that you need their approval prior to letting out your property as this is likely to be a breach of Metro Bank’s mortgage conditions. It may be that Metro Bank will permit you to let 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 Metro Bank directly. It should not be necessary to do this via a Metro Bank conveyancing panel lawyer.
Metro Bank have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Metro Bank or your broker and complete any relevant paperwork. Metro Bank will tell you what documents they want. Metro Bank will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Metro Bank will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
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Transfer of Equity for Metro BankPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors