Find an Approved Solicitor on the Furness Building Society
Furness Building Society Conveyancing Panel Recently Asked Questions
For what reasons could a law firm be removed from the Furness Building Society approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Furness Building Society
My partner and I intend to remortgage our maisonette with Furness Building Society. We have a son 18 who lives with us. The solicitor on the Furness Building Society conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Furness Building Society conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Furness Building Society .This is solely used to protect the Furness Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Furness Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Furness Building Society conveyancing panel solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Leeds
so that I can pop in to their offices if required.
Most conveyancing panel lawyers for Furness Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Furness Building Society Solicitor panel prior to completion?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We are getting a further advance on our mortgage from Furness Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Furness Building Society conveyancing panel to deal with the legals?
Furness Building Society do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Furness Building Society list
We have had an offer accepted on a flat I spoke to a lawyer previously used by my brother and he suggested using a solicitor approved by Furness Building Society. The estate agent recommended two local firms so I asked Furness Building Society if the 2 suggested solicitors are approved, which they are not. Furness Building Society pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Furness Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Furness Building Society to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Furness Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Furness Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Furness Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have a mortgage with Furness Building Society. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Furness Building Society?
You must advise Furness Building Society in advance of renting your property as this is likely to be a breach of Furness Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Furness Building Society directly. It should not be necessary to do this via a Furness Building Society conveyancing panel solicitor.