Monmouthshire Building Society Conveyancing Panel Information

Many estate agents are suffering if their clients start out on the conveyancing process using a conveyancer who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

When a solicitor is acting for both Monmouthshire Building Society and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the Monmouthshire Building Society and it may well be prudent you to cease to act for the purchaser as well. You can not tell the Monmouthshire Building Society the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Monmouthshire Building Society conveyancing panel status.

On the basis that your firm in is on the Monmouthshire Building Society conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Monmouthshire Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Monmouthshire Building Society’s specific requirements. Notwithstanding whether Monmouthshire Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Monmouthshire Building Society alone) as to the risks of buying a property with an insolvent or absentee freeholder.

7 borrowers attempt to locate a conveyancing practitioner on the Monmouthshire Building Society panel every 4 weeks in Hendon. Please contact the team at lenderpanel.com to see how your firm can be identified by those searching for conveyancing in Hendon.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Monmouthshire Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to get in touch with Monmouthshire Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an individual question for lenders to establish who to contact to obtain standard documents. Monmouthshire Building Society in their Part 2’s state: You will need to disclose the firm’s Monmouthshire Building Society solicitors panel reference.