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approved by Furness BS
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
Examples of recent questions relating to the Furness Building Society Solicitor Panel
I have just been informed by my lender that my the law firm I have appointed is not on the Furness Building Society Solicitor panel. What can I do to check?
The best course of action for you to take is to contact your lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Furness Building Society.
Our lawyer has identified a legal deficiency with the lease for the apartment we are buying. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that as he is on the Furness Building Society conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or 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.
Do all the licensed conveyancers and solicitor practices 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.
I am considering applying for a Furness Building Society mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Furness Building Society?
There is nothing to stop you using your solicitor but Furness Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Why might a lender such as Furness Building Society withdraw a mortgage offer?
Lenders such as Furness Building Society can withdraw their mortgage offer although this is unusual. should 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 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Furness Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- 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 sale is not at arms length for value to unconnected persons
- If the solicitor on the Furness Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Furness Building Society ‘s instructions
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Furness Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Furness Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Furness Building Society. Unless your lawyer obtains specific confirmation in writing that Furness Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Furness Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
After much negotiation I have agreed a price on a house. My mortgage broker suggested a solicitor I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Furness Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Furness Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.