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Frequently asked questions relating to the Cambridge Building Society Conveyancing Panel
I need to swap lawyers as my lawyer is not on the Cambridge Building Society panel of conveyancing solicitors. How easy is it to change conveyancer?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
My partner and I intend to remortgage our flat with Cambridge Building Society. We have a son 18 who lives with us. The solicitor on the Cambridge Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Cambridge Building Society conveyancing panel as he did not need 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?
First, rest assured that your Cambridge Building Society conveyancing panel solicitor is doing the right thing 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 Cambridge Building Society .This is solely used to protect the Cambridge 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 Cambridge 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.
Are the lawyers identified as being on the Cambridge Building Society conveyancing panel, together with their details provided by Cambridge Building Society?
The firms themselves provide us confirmation that they are on the Cambridge Building Society conveyancing panel as opposed to being supplied with a list from Cambridge Building Society directly.
My solicitors in Newcastle have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Cambridge Building Society. Is it case that being on the Cambridge 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 Cambridge Building Society Conveyancing Panel Terms. It might be worth you contacting Cambridge Building Society directly.
Do conveyancing lawyers on the Cambridge Building Society conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I am buying a property where the roof has a solar panel. Cambridge Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Cambridge Building Society your lawyer must to check the Cambridge Building Society conveyancing instructions contained in the Part of CML Handbook for Cambridge Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Cambridge Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
The for formalities of my remortgage has taken place with a mortgage from Cambridge Building Society. Conveyancing was satisfactory but I would like to complain about Cambridge Building Society. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the Cambridge Building Society branches or the Customer Services Department at Cambridge Building Society head office. Ordinarily complaints to Cambridge Building Society are sorted out very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Transfer of Equity for Cambridge Building Society
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