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For what reasons would a firm of solicitors be excluded from the Nottingham Building Society approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Nottingham Building Society
My fiance and I are refinancing our maisonette with Nottingham Building Society. We have a son approaching twenty who lives with us. The solicitor on the Nottingham Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Nottingham Building Society conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham Building Society .This is solely used to protect the Nottingham Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
What tools are available to find a local solicitor on the Nottingham Building Society conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Nottingham Building Society solicitor panel.
I am purchasing a right to buy flat and getting a mortgage with Nottingham Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Nottingham Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Nottingham Building Society conveyancing panel in your location.
When it comes to lenders such as Nottingham Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We have a mortgage agreed in principle with Nottingham Building Society. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Nottingham Building Society?
Some lenders take longer than others. Have Nottingham Building Society completed the valuation? Have you advised Nottingham Building Society as your lawyers details and checked that your lawyer is on the Nottingham Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham Building Society be concerned
As you are obtaining a mortgage with Nottingham Building Society your lawyer must to check the Nottingham Building Society conveyancing instructions contained in the Part of CML Handbook for Nottingham Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Nottingham Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.