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I am progressing with the sale of my apartment and the estate agent has just e-mailed to advise that the purchasers are changing their property lawyer. The excuse is that Beverley Building Society will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with specific solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase 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 being contacted daily by practices 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 wife and I changing mortgage lender for our penthouse with Beverley Building Society. We have a son 18 who lives with us. The solicitor on the Beverley Building Society conveyancing panel requested us to identify 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, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the Beverley Building Society conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights 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 Beverley Building Society .This is solely used to protect the Beverley 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 Beverley 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.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the Beverley Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Beverley Building Society approved panel?
We are not in the business of recommending one firm above another 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..
My house is up for sale and I have a buyer. Does my solicitor have to be on the Beverley Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Beverley Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I am currently in the process of buying my council flat. I have a mortgage agreed with Beverley Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Beverley Building Society you will need to appoint a solicitor on the Beverley Building Society conveyancing panel.
Completion of my purchase has taken place with a loan from Beverley Building Society. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about Beverley Building Society. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the Beverley Building Society branches or the Customer Care Team at Beverley Building Society head office. We understand that complaints to Beverley Building Society are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service
with full details of your complaint.
I was told four weeks ago that my mortgage has been agreed
to by Beverley Building Society. Is it usual for Beverley Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Beverley Building Society to deal with your lawyers application to be on the Beverley Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.