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Ready to buy a new home? Failing to check that a lawyer is on the Saffron 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 Saffron Building Society Conveyancing Panel? How can my firm be reinstated onto the Saffron Building Society Conveyancing Panel?Find an Approved Solicitor on the Saffron Building Society Conveyancing Panel
Q and A’s regarding the Saffron Building Society Solicitor Panel
Am I correct in assuming that the fact that my solicitor is not on the Saffron Building Society Solicitor panel that there is a problem with the quality of the firm’s work?
That would more than likely be a wrong assumption to make. 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 Saffron Building Society.
I am due to complete my purchase next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Saffron Building Society. What risks do Saffron Building Society expect the insurance to cover?
Any lawyer on the Saffron Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Saffron Building Society’s Part 2 requirements of the CML Handbook (last updated on Saffron Building Society). Being on the Saffron Building Society conveyancing panel your lawyer is expect to follow these requirements.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the Saffron Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Saffron Building Society ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My grandmother passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Saffron Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Saffron Building Society will insist on your using a conveyancer on the Saffron Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Saffron Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Saffron Building Society mortgage is registered as a charge at the Land Registry.
I had instructed online solicitors located in Manchester who are on the Saffron Building Society solicitor panel. They are now charging me a separate fee of £195 for dealing with the Saffron Building Society mortgage. Is this an additional conveyancing fee specified by Saffron Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Saffron Building Society but by your lawyers. Some firms on the Saffron Building Society will charge an ‘acting for lender’ fee and others do not.
My wife and I have arranged a further advance on our mortgage from Saffron Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Saffron Building Society conveyancing panel to deal with the legals?
Saffron Building Society would not normally instruct a member of their conveyancing panel 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 Saffron Building Society panel
I currently have a mortgage with with Saffron Building Society. Conveyancing has been completed months 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 BTL mortgage or inform Saffron Building Society?
Your original mortgage agreement with Saffron Building Society will provide that you need their approval prior to renting your property as this is likely to be a breach of Saffron 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 Saffron Building Society directly. It should not be necessary to do this via a Saffron Building Society conveyancing panel lawyer.