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Ready to buy a new home? Failing to check that a lawyer is on the Family BS list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?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?
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FAQs : The Family Building Society Solicitor Panel
I need to swap lawyers as my lawyer is not on the Family Building Society panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
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.
Your search tool is useful but there are many lawyers listed near Newcastle on the Family Building Society conveyancing panel. Can you recommend a specific firm on the Family Building Society approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
The firm that just started acting on my purchase in Newcastle has without warning shut down. They were on acting for me because I needed a lawyer on the Family Building Society conveyancing panel and my previous lawyer was not. I paid them £200 on account. What are my options?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. 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 should be in a position to help
Do most lenders 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.
My existing mortgage is with Family Building Society. My uncle retired last week and wants to pay off my mortgage. After Family Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Family Building Society conveyancing panel? I do not intend to live at the property once the Family Building Society mortgage is discharged.
You will need a solicitor but they need not be on the Family Building Society conveyancing panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Family Building Society are being a right pain. The solicitor who is on the Family Building Society conveyancing panel is recommending indemnity insurance as a solution but Family Building Society are insisting on a building regulation certificate. Why do Family Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Family Building Society have referred the matter to their valuer. The reason why Family Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.