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Ready to buy a new home? Failing to check that a lawyer is on the West Bromwich BS list of approved solicitors can put your transaction at risk of delay or failure.
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My wife and I are first time buyers. Within the 48 hours our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. West Bromwich Building Society have this morning contacted us to advise us that there is now an issue as our solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact West Bromwich Building Society and see if they can apply for membership of the West Bromwich Building Society conveyancing panel, but if that is not viable West Bromwich Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the West Bromwich Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am buying a newly built flat and my solicitor is advising me that she is duty bound to disclose incentives from the builder as her firm is on the West Bromwich Building Society conveyancing panel. I am on a tight deadline to exchange and I would rather not delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the West Bromwich Building Society panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the West Bromwich Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on West Bromwich Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the West Bromwich Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My solicitors in Leeds have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with West Bromwich Building Society. Is it case that being on the West Bromwich Building Society conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the West Bromwich Building Society Conveyancing Panel Terms. It might be worth you contacting West Bromwich Building Society directly.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender West Bromwich Building Society be concerned
As you are obtaining a mortgage with West Bromwich Building Society your lawyer must to check the West Bromwich Building Society conveyancing instructions contained in the Part of CML Handbook for West Bromwich Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to West Bromwich 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.
My fiance and I are in the throws of looking at apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with West Bromwich Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with West Bromwich Building Society , make sure you remember to check that your lawyer is on the West Bromwich Building Society conveyancing panel.
Sometime soon me and my wife are buying a penthouse in Hendon. Conveyancing solicitors in Hendon need to beinstructed. My friendadvised that we make sure that the solicitor in Hendon is on the West Bromwich Building Society approved list of lawyers. Is this really necessary?
A limited percentage of Hendon conveyancing firms are on the West Bromwich Building Society conveyancing panel. Use the above search tool to locate a Hendon conveyancing firm on the on the West Bromwich Building Society approved list of lawyers.