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Conveyancing Panel
Ipswich Building Society Conveyancing Panel : Questions and Answers
I am in the process of selling my maisonette and the EA has just telephoned to warn that the purchasers are switching law firm. The excuse is that Ipswich Building Society will only engage with solicitors on their approved list. Why would a leading lender only work with specific law firms?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks 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.
I am purchasing a new build duplex and my lawyer is advising me that she is duty bound to reveal incentives from the seller as her practice is on the Ipswich Building Society conveyancing panel. I am nearing the developer’s deadline to exchange and I dont want to prolong deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Ipswich Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Ipswich Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I require the services of a Ipswich Building Society panel solicitor in Belfast. Could you help me?
It is not clear why you need a Ipswich 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 Ipswich Building Society to find out which solicitors in Ipswich 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 considering applying for a Ipswich Building Society mortgage for purchase of a new build (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Ipswich Building Society?
There is nothing to stop you using your solicitor but Ipswich 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 an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have today made my last payment due on mortgage with Ipswich Building Society. I assume I don't need a solicitor on the Ipswich Building Society panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Ipswich Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Ipswich Building Society mortgage from the register. Ipswich Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Ipswich Building Society has sent the Land Registry the discharge electronically, and
the Ipswich Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Ipswich Building Society mortgage has been paid off.
I have instructed a lawyer having checked that they are on the Ipswich Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Ipswich Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Ipswich Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Ipswich Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Ipswich Building Society you could contact your them to see if they have a list of approved surveyors.
My ex -wife’s name is on the Ipswich Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Ipswich Building Society mortgage in order to sell?
As regards the Ipswich Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Ipswich Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.