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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.
Looking for information about your firm's panel status?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?
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Saffron Building Society Conveyancing Panel : Questions and Answers
I have been advised by my broker that I have to pay Saffron Building Society fees if I use my own solicitor. How efficient are the Saffron Building Society conveyancing panel solicitors? I dont care which law firm I use provided that they are good and reasonably priced. Would you recommend a specific law firm on the Saffron Building Society panel?
Saffron Building Society’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Saffron Building Society will allow to act for them.
Our solicitor has identified a legal deficiency with the lease for the apartment we are buying. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the Saffron Building Society conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Saffron Building Society?
Just because you have a mortgage offer from Saffron Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Saffron Building Society are the client. The appropriate lender requirements have to be complied with by the Saffron Building Society conveyancing panel who has to balance acting for you and Saffron Building Society
Are the lawyers identified as being on the Saffron Building Society conveyancing panel, together with their details provided by Saffron Building Society?
The firms themselves provide us confirmation that they are on the Saffron Building Society conveyancing panel as opposed to being supplied with a list from Saffron Building Society directly.
My conveyancers in Liverpool have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Saffron Building Society. Is it case that being on the Saffron Building Society conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Saffron Building Society Conveyancing Panel Terms. It might be worth you contacting Saffron Building Society directly.
When it comes to mortgage companies such as Saffron Building Society do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all conveyancing solicitors on the Saffron Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Saffron Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Is it common for Saffron Building Society to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Saffron Building Society can withdraw their mortgage offer although this rarely happens. should Saffron 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 a number of examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Saffron Building Society conveyancing panel solicitors would be obliged to notify Saffron Building Society of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances