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Q and A’s regarding the Family Building Society Conveyancing Panel
My husband and I are buying a 1 bedroom flat in London with a mortgage from Family Building Society. We have a lawyer but Family Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Family Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Family Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Family Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Family Building Society
Expecting to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Family Building Society. What does the insurance need to cover?
All property lawyers 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 requirements.
Is it necessary during the course of the conveyancing process to visit the offices of the Family Building Society conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can pop in to their offices when needed.
Whereas this was necessary 15 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 Liverpool
My solicitors in Leeds have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Family Building Society. Is it case that being on the Family Building Society conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Family Building Society Conveyancing Panel Terms. It might be worth you contacting Family Building Society directly.
When it comes to mortgage companies such as Family Building Society do lawyers 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.
I'm in the throws of looking at apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a home loan with Family Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Family Building Society , ask your prospective lawyers check they are on the Family Building Society conveyancing panel otherwise they can't do the mortgage legal work.
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 in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Family 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 Family 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 Family Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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