Find an Approved Solicitor on the Ipswich Building Society
Frequently asked questions relating to the Ipswich Building Society Conveyancing Panel
Am I correct in assuming that the fact that my solicitor is not on the Ipswich Building Society Solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Ipswich Building Society.
Our conveyancer has identified a defect with the lease for the property we are buying. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the Ipswich Building Society conveyancing panel he must check that the lender is happy with this solution. Are we the client or is Ipswich Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Ipswich Building Society are the client. 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 Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Ipswich 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 note that you have a post code search directory identifying law firms on the Ipswich Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Ipswich Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
We're in Wales, First time buyers purchasing with a mortgage (lender is Ipswich Building Society , but our solicitor is on the Ipswich Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Ipswich 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
Is it the case that all conveyancing solicitors on the Ipswich Building Society conveyancing panel overseen by the SRA?
As solicitors, in order to be on the Ipswich Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Ipswich Building Society on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Ipswich Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Ipswich Building Society panel she or he must comply with the CML Handbook requirements for Ipswich Building Society. Unless your lawyer obtains specific confirmation in writing that Ipswich 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 Ipswich Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Ipswich Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Ipswich Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Ipswich Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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