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Family Building Society Solicitor Panel Recently Asked Questions
I am selling my apartment and the estate agent has just telephoned to advise that the purchasers are switching conveyancer. The excuse is that Family Building Society will only work with solicitors on their conveyancing panel. On what basis would a big named lender only work with specific lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Family Building Society will not agree to this. Why was Family Building Society even consulted?
Your lawyer being on the Family Building Society conveyancing panel is duty bound to inform Family Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Family Building Society then they would have to discontinue acting for you and Family Building Society.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Family 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.
The lawyers that I recently instructed on my house acquisition in Hendon has without warning shut down. I only went with them because I needed a lawyer on the Family Building Society conveyancing panel and my family lawyer was not. I gave them a cheque for £150 in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Family Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Family Building Society conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is 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 remain on their panels.
When it comes to mortgage companies such as Family Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
It is not clear whether my mortgage offer requires a lease extension . I have called Family Building Society on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Family Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Family Building Society panel she or he must comply with the CML Handbook requirements for Family Building Society. Unless your lawyer obtains specific confirmation in writing that Family 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 Family Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.