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FAQs : The Saffron Building Society Conveyancing Panel
My wife and I are first time buyers. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Saffron Building Society have this morning contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitors should contact Saffron Building Society and see if they can apply for membership of the Saffron Building Society conveyancing panel, but if that is not viable Saffron Building Society will instruct their own lawyers to represent them. You don't have to instruct a firm on the Saffron Building Society conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can you help?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Saffron Building Society was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer says that as she is on the Saffron Building Society conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions to being on the Saffron Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Saffron Building Society)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Saffron Building Society.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Saffron Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Saffron Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
Can you clarify what the consequences are if my solicitor is removed from the Saffron Building Society Conveyancing panel before completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Can you point me to a directory of Saffron Building Society panel conveyancers on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
The for formalities of my purchase has taken place with a mortgage from Saffron Building Society. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about Saffron Building Society. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the Saffron Building Society branches or the Customer Care Team at Saffron Building Society head office. In most cases complaints to Saffron Building Society are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service with full details of your complaint.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Saffron Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Saffron Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Saffron Building Society panel she or he must comply with the CML Handbook requirements for Saffron Building Society. Unless your lawyer obtains specific confirmation in writing that Saffron Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Saffron Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.