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I am progressing with the sale of my maisonette and the EA has just e-mailed to advise that the purchasers are swapping solicitor. The excuse is that National Westminster Bank will only engage with property lawyers on their conveyancing panel. Why would a major lender only deal with certain lawyers?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I am buying a brand new apartment and my solicitor is telling me that she has to disclose incentives from the developer as her practice is on the National Westminster Bank conveyancing panel. I am on a tight deadline to sign contracts and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the National Westminster Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on National Westminster Bank). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am planning to acquire a house and need a conveyancing solicitor in Manchester who is on the National Westminster Bank conveyancing. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for National Westminster Bank . We don’t recommend any particular firm.
I am selling my house. Does my solicitor have to be on the National Westminster Bank conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the National Westminster 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 true that all solicitor firms on the National Westminster Bank conveyancing panel regulated by the SRA?
As solicitors, in order to be on the National Westminster 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).
We are getting a further advance on our mortgage from National Westminster Bank as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the National Westminster Bank conveyancing panel to deal with the paperwork?
National Westminster Bank would not normally instruct firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the National Westminster Bank panel
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender National Westminster Bank be concerned
As you are obtaining a mortgage with National Westminster Bank your lawyer must to check the National Westminster Bank conveyancing instructions contained in the Part of CML Handbook for National Westminster Bank . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to National Westminster Bank 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.