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Ready to buy a new home? Failing to check that a lawyer is on the Cumberland BS list of approved solicitors can put your transaction at risk of delay or failure.
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My husband and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Cumberland Building Society have this evening contacted us to inform me that there is now an issue as our lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit 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 Quality 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 don't have to instruct a firm on the Cumberland Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I do hope you can help me. My lawyer is assuring me that she is duty-bound to apply for a Local Authority search as the firm are on the Cumberland Building Society conveyancing panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with Cumberland Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Cumberland Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Cumberland Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Cumberland Building Society conveyancing panel. My lawyer has said that they are on the Cumberland Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Cumberland Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Cumberland Building Society solicitor panel.
I am considering applying for a Cumberland Building Society mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Cumberland Building Society?
There is nothing to stop you using your solicitor but Cumberland Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Last month we had a mortgage agreed in principle with Cumberland Building Society. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Cumberland Building Society?
Some lenders take longer than others. Have Cumberland Building Society completed the survey? Have you advised Cumberland Building Society as your lawyers details and checked that your lawyer is on the Cumberland Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
After much negotiation I have agreed a price on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 225. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Cumberland 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 Cumberland 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.
My brother and I are buying a 1st floor apartment in Hendon. Conveyancing solicitors in Hendon will soon beinstructed. My brokerrecommended that we make sure that the conveyancer in Hendon is on the Cumberland Building Society panel. Is this really necessary?
It is not that case that all Hendon conveyancing solicitors are on the Cumberland Building Society conveyancing panel. 8 people a month use our search tool to find a Hendon conveyancing practitioner on the on the Cumberland Building Society list of approved conveyancing firms.