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How does my firm apply to be on the Family Building Society Conveyancing Panel? How can my firm be reinstated onto the Family Building Society Conveyancing Panel?Find an Approved Solicitor on the Family Building Society Conveyancing Panel
Family Building Society Solicitor Panel Recently Asked Questions
My Conveyancer is not on the Family Building Society Solicitor Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the Family Building Society panel?
You will need to have a conveyancer complete the legal work required when you take out a Family 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 Family Building Society conveyancing panel additional costs will be incurred as separate legal representation will be required by Family Building Society. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
I am due to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Family Building Society. What risks do Family Building Society expect the insurance to cover?
Any lawyer on the Family Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Family Building Society’s Part 2 requirements of the CML Handbook (last updated on Family Building Society). Being on the Family Building Society conveyancing panel your lawyer is expect to follow these instructions.
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?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
Please explain the implications if my solicitor is expelled from the Family Building Society Solicitor panel prior to the completion date?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I had instructed online conveyancers located in Cardiff who are on the Family Building Society solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Family Building Society mortgage. Is this a supplemental conveyancing fee specified by Family Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Family Building Society but by your lawyers. Some firms on the Family Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
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 Family Building Society conveyancing panel requirements are different to Family Building Society’s conveyancing panel criteria.
I have today made my last payment due on mortgage with Family Building Society. I assume I don't need a solicitor on the Family Building Society panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Family Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Family Building Society mortgage from the register. Family Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Family Building Society has sent the Land Registry the discharge electronically, and
the Family Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Family Building Society mortgage has been paid off.