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Ready to buy a new home? Failing to check that a lawyer is on the Dudley Building Society list of approved solicitors can put your transaction at risk of delay or failure.
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My lawyer has never been on on the Dudley Building Society Approved Panel. Is it possible for me to retain my family solicitor even though they are excluded from the Dudley Building Society list of approved lawyers?
You will need to have a conveyancer complete the legal work required when you take out a Dudley Building Society mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Dudley Building Society conveyancing panel additional costs will be incurred as separate legal representation will be required by Dudley Building Society. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
My wife and I changing mortgage lender for our penthouse with Dudley Building Society. We have a son approaching twenty who lives with us. The solicitor on the Dudley Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. 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 a couple of concerns (1) Is this document specific to the Dudley Building Society conveyancing panel as he never had to sign this form when we purchased 5 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 Dudley Building Society .This is solely used to protect the Dudley 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 Dudley 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.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Dudley Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Bristol
so that I can attend their offices if required.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bristol
.
We're in Wales, FTBs buying with a mortgage (lender is Dudley Building Society , but our solicitor is on the Dudley Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Dudley Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all Conveyancing Quality Solicitors on the Dudley Building Society conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Is it the case that all conveyancing lawyers on the Dudley Building Society conveyancing panel work on a no move no charge 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
Are all solicitor practices on the Dudley Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Dudley Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).