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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.
Find an Approved Solicitor on the Furness Building Society Conveyancing Panel
Furness Building Society Solicitor Panel Recently Asked Questions
Is there a reason why all property lawyers are not on the Furness Building Society Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Our lawyer has uncovered a legal deficiency with the lease for the apartment we are purchasing. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the Furness Building Society conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Furness Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Furness Building Society are the client. 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). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Furness Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
I require the services of a Furness Building Society panel solicitor in Stirling. Can you assist?
Unfortunately it’s not apparent why you need a Furness Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Furness Building Society to find out which solicitors in Furness Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I am selling my house. Does my solicitor have to be on the Furness Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Furness Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is it the case that all conveyancing lawyers on the Furness Building Society conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
My husband and I are 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 mortgage with Furness Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use 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 Furness Building Society , make sure you remember to check that your lawyer is on the Furness Building Society conveyancing panel.
I am selling 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, Furness Building Society are being pedantic. The solicitor who is on the Furness Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Furness Building Society are insisting on a building regulation certificate. Why do Furness Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Furness Building Society have referred the matter to their valuer. The reason why Furness 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.