Market Harborough Building Society Conveyancing Panel Information

The Scottish Law Society has advised that solicitors should check their lender panel status prior to accepting client instructions to act. The advice is lender-agnostic as it does not relate specifically to solicitors on the Market Harborough Building Society conveyancing panel. The recommendation arises from the practice of a number of mortgage lenders who remove solicitors from their panels without prior notice as part of their panel management system, which can lead to some solicitors discovering this only once instructed. This is sensible advice as a client finding out midway through a transaction that their lawyer is not on the approved lender panel is very frustrating and can lead to complaints. Many online consumer forums contain posts where someone is complaining about finding that their lawyer is not on a lender conveyancing panel. Such forums include mumsnet.com

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

Given that your firm in is on the Market Harborough 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 Market Harborough Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Market Harborough Building Society’s specific requirements. Notwithstanding whether Market Harborough Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Market Harborough Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.

It would be advisable to 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 application but gives the CQS team a complete picture of what has happened.

You need to communicate with Market Harborough Building Society to obtain standard documents. The CML Handbook includes an individual 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 disclose your Market Harborough Building Society conveyancing panel reference.