Market Harborough Building Society Conveyancing Panel Information

The fact of the matter is that estate agents are suffering if their clients start out on the buying 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 lawyers.

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Market Harborough Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Market Harborough Building Society we suggest that you call Market Harborough Building Society to check the position.

You have a number of obligations in this regard which you need to follow if you wish to comply with your lender client’s instructions as set out in the UK Finance Lenders’ Handbook. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as valued and the title and other documents which a reasonably competent conveyancer should obtain, and, if there are, you must tell Market Harborough Building Society immediately. Second, You should take reasonable steps to verify that the assumptions stated by the valuer about the title (for example, its tenure, easements, boundaries and restrictions on its use) in the valuation and as stated in Market Harborough Building Society’s mortgage offer are correct. If they are not, please let Market Harborough Building Society know as soon as possible as it will be necessary for Market Harborough Building Society to check with the valuer whether the valuation needs to be revised. Market Harborough Building Society conveyancing panel solicitors are not expected to assume the role of valuer. Market Harborough Building Society are simply trying to ensure that the valuer has valued the property based on correct information. Thirdly, Market Harborough Building Society recommend that you should advise the borrower that there may be defects in the property which are not revealed by the inspection carried out by their valuer and there may be omissions or inaccuracies in the report which do not matter to them as a lender but which would matter to the borrower. Market Harborough Building Society recommend that, if we send a copy of a valuation report that Market Harborough Building Society have obtained, you should also advise the borrower that the borrower should not rely on the report in deciding whether to proceed with the purchase and that he obtains his own more detailed report on the condition and value of the property, based on a fuller inspection such as a homebuyers survey or comprehensive survey. If you do not receive a copy of the valuation you can always ask for a copy of one from Market Harborough Building Society or the borrower. You still need to comply with the UK Finance Lenders’ Handbook Requirement relating to valuation reports even if you don't receive one directly. Failure to comply not only runs the risk of facing a claim by the lender but also being removed from the Market Harborough Building Society conveyancing panel

You should supply details of the date of removal, information on the reason for removal, date of appeal and any reason given for reinstatement. This should not negatively affect your firm’s application but gives the Law Society a complete picture of what has happened.

You would be advised to contact Market Harborough Building Society to obtain standard documents. The CML Handbook includes an explicit question for lenders to reveal who to contact to obtain standard documents. Market Harborough Building Society in their Part 2’s state: Please remember to quote your Market Harborough Building Society solicitors panel reference.