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Ready to buy a new home? Failing to check that a lawyer is on the Furness BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Furness Building Society Conveyancing Panel? How can my firm be reinstated onto the Furness Building Society Conveyancing Panel?Find an Approved Solicitor on the Furness Building Society Conveyancing Panel
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I am selling my flat and the estate agent has just telephoned to warn that the buyers are swapping law firm. The excuse is that Furness Building Society will only work with property lawyers on their approved list. Why would a leading mortgage company only work with specific lawyers?
UK lenders have always had an approved set 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 more than 25 years.
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 hearing daily from firms 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.
My conveyancer has spotted an inconsistency between the information in Furness Building Society’s home valuation survey and what is in the conveyancing documents. My solicitor says that as he is on the Furness Building Society conveyancing panel he must ensure that the lender is with this discrepancy and is content go ahead. Is my conveyancer’s stance right?
A precondition to being on the Furness Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Furness Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Furness Building Society conveyancing 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.
We're in Wales, First time buyers buying with a mortgage (lender is Furness Building Society , but our lawyer is on the Furness Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Furness 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
When it comes to mortgage companies such as Furness 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.
Is it common for Furness Building Society to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Furness Building Society can withdraw their mortgage offer although this rarely happens. If Furness Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Furness Building Society may amend or withdraw an offer if the Furness Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the borrower informs Furness Building Society of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Furness Building Society conveyancing panel solicitors would be obliged to notify Furness Building Society of a change in the price of the property.
- Where the lender has to take account a recent change in taxation
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
The for formalities of my remortgage has taken place with a loan from Furness Building Society. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Furness Building Society. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the Furness Building Society branches or the Customer Services Department at Furness Building Society head office. We understand that complaints to Furness Building Society are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.