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Ready to buy a new home? Failing to check that a lawyer is on the list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Chesham Building Society Conveyancing Panel? How can my firm be reinstated onto the Chesham Building Society Conveyancing Panel?Find an Approved Solicitor on the Chesham Building Society Conveyancing Panel
FAQs for the Chesham Building Society Conveyancing Panel
Am I correct in assuming that the fact that my solicitor is not isted on the Chesham Building Society Conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Chesham Building Society.
My solicitor has discovered an inconsistency between the information in Chesham Building Society’s home valuation report and what is revealed within the legal papers for the property. My solicitor informs me that as he is on the Chesham Building Society conveyancing panel he is obliged to check that the lender is with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
A precondition to being on the Chesham Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Chesham 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.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Chesham Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My uncle passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Chesham Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Chesham Building Society will insist on your using a conveyancer on the Chesham 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 Chesham 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 Chesham Building Society mortgage is registered as a charge at the Land Registry.
Is it the case that all conveyancing solicitors on the Chesham Building Society conveyancing panel work on a no sale no fee basis?
On the whole 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
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Chesham Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Chesham 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 Chesham Building Society panel she or he must comply with the CML Handbook requirements for Chesham Building Society. Unless your lawyer obtains specific confirmation in writing that Chesham 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 Chesham Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
After much negotiation I have agreed a price on a house. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 225. Soon after the conveyancers contacted me to say that they were not on the Chesham Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Chesham Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.