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How does my firm apply to be on the Saffron Building Society Conveyancing Panel? How can my firm be reinstated onto the Saffron Building Society Conveyancing Panel?Find an Approved Solicitor on the Saffron Building Society Conveyancing Panel
Frequently asked questions relating to the Saffron Building Society Solicitor Panel
I am obtaining a mortgage with Saffron Building Society. I would like to retain the legal services of a Licensed Conveyancer. Does the Saffron Building Society Solicitor panel exclude Licensed Conveyancers
Saffron Building Society’s conveyancing panel is, like many other lenders represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My fiance and I changing mortgage lender for our flat with Saffron Building Society. We have a son approaching twenty who lives with us. The solicitor on the Saffron Building Society conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this document specific to the Saffron Building Society conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Saffron Building Society .This is solely used to protect the Saffron Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Saffron Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Your search tool is useful but there are many lawyers listed near Hackney 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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Saffron Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Saffron Building Society will insist on your using a conveyancer on the Saffron Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Saffron Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Saffron Building Society mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as Saffron Building Society do solicitors 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.
My existing mortgage is with Saffron Building Society. My godfather retired last week and wants to pay off my mortgage. After Saffron Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Saffron Building Society conveyancing panel? I do not intend to live at the property once the Saffron Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Saffron Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I currently have a mortgage with with Saffron Building Society. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Saffron Building Society?
You must advise Saffron Building Society prior to renting your property as this is likely to be a breach of Saffron Building Society’s mortgage conditions. It may be that Saffron Building Society will allow you to rent 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 Saffron Building Society directly. It should not be necessary to do this via a Saffron Building Society conveyancing panel firm.