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Family Building Society Conveyancing Panel : Questions and Answers
I am progressing with the sale of my flat and the EA has just telephoned to warn that the buyers are swapping solicitor. The excuse is that Family Building Society will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud as the reason 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.
My lawyer has uncovered an inconsistency when comparing the assumptions in Family Building Society’s valuation report and what is in the legal papers for the property. My lawyer informs me that as he is on the Family Building Society conveyancing panel he must check that the lender is OK with this discrepancy and is content go ahead. Is my conveyancer’s course or action right?
A precondition to being on the Family Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Family Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Are the lawyers identified as being on the Family Building Society conveyancing panel, together with their details provided by Family Building Society?
The law firm practices themselves provide us confirmation that they are on the Family Building Society conveyancing panel as opposed to being supplied with a list from Family Building Society directly.
My conveyancers in Manchester have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Family Building Society. Is it case that being on the Family Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements 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 Family Building Society Conveyancing Panel Terms. It might be worth you contacting Family Building Society directly.
When it comes to lenders such as Family Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I currently have a mortgage with with Family Building Society. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Family Building Society?
You must advise Family Building Society before renting your property as this is likely to be a breach of Family Building Society’s mortgage conditions. It may be that Family Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Family Building Society directly. It should not be necessary to do this via a Family Building Society conveyancing panel solicitor.
I was told two weeks ago that my mortgage has been agreed
to by Family Building Society. Is it usual for Family Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Family Building Society to deal with your lawyers application to be on the Family Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.