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Ready to buy a new home? Failing to check that a lawyer is on the National BS list of approved solicitors can put your transaction at risk of delay or failure.
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I appointed a law firm to conduct the legal paperwork on my house purchase three weeks ago having applied for a mortgage with National Counties Building Society. The firm assured me that they are on National Counties Building Society conveyancing panel and gave me their panel number. National Counties Building Society then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for National Counties Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the National Counties Building Society as to the time frame to get your lawyer reinstated on the panel once again.
My solicitor has discovered a discrepancy when comparing the surveyor’s assumptions in National Counties Building Society’s home valuation report and what is in the title deeds. My solicitor says that as he is on the National Counties Building Society conveyancing panel he needs to ensure that the bank is with this discrepancy and is still content to lend. Is my conveyancer’s course or action correct?
A precondition to being on the National Counties Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on National Counties Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do I need to have a meeting at the offices of the National Counties Building Society conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Liverpool
so that I can pop in to their offices if necessary.
Whereas this was necessary twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
.
I was scheduled to complete on my dream home last Thursday. My solicitor is on the National Counties Building Society solicitors panel but has moved offices 8 weeks ago and had not informed National Counties Building Society of their new address. National Counties Building Society has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. 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 National Counties Building Society branch or your mortgage broker to see if they can assist.
The for formalities of my purchase has taken place with a loan from National Counties Building Society. Conveyancing was of an acceptable standard but I would like to complain about National Counties Building Society. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the National Counties Building Society branches or the Customer Care Department at National Counties Building Society head office. Ordinarily complaints to National Counties Building Society are sorted out very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Planning on purchasing a flat with a mortgage with National Counties Building Society. 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 National Counties Building Society 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 National Counties Building Society conveyancing panel
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with National Counties Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the National Counties Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with National Counties Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.