Find an Approved Solicitor on the Cumberland Building Society
Q and A’s regarding the Cumberland Building Society Conveyancing Panel
My husband and I are first time buyers. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Cumberland Building Society have this evening contacted us to advise us that there is now an issue as our conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance 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 Cumberland Building Society and see if they can apply for membership of the Cumberland Building Society conveyancing panel, but if that is not viable Cumberland Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Cumberland Building Society conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Please assist. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Cumberland Building Society was date stamped random date and we have agreed a date for me to move into the property on 6. My lawyer says that as she is on the Cumberland Building Society conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Cumberland Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Cumberland 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 Cumberland Building Society.
I require the services of a Cumberland Building Society panel solicitor in Stirling. Could you help me?
Unfortunately it’s not apparent why you need a Cumberland Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Cumberland Building Society to find out which solicitors in Cumberland Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I am purchasing a garden flat and getting a mortgage with Cumberland Building Society. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Cumberland Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Cumberland Building Society conveyancing panel in your location.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Cumberland Building Society conveyancing panel?
Some major lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Cumberland Building Society conveyancing panel requirements are different to Cumberland Building Society’s conveyancing panel criteria.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Cumberland Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Cumberland Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Cumberland Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.