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My fiance and I are first time buyers. Within the 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Swansea Building Society have this evening contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Swansea Building Society and see if they can apply for membership of the Swansea Building Society conveyancing panel, but if that is not viable Swansea Building Society will instruct their own solicitors to act. You don't have to instruct a firm on the Swansea Building Society conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Expecting to move into my new home next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Swansea Building Society. What does the insurance need to cover?
Any lawyer on the Swansea 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 Swansea Building Society’s Part 2 requirements of the CML Handbook (last updated on Swansea Building Society). Being on the Swansea Building Society conveyancing panel your lawyer is expect to follow these requirements.
I am looking for competitive conveyancing fees. Can I be assured that all the law firms that are listed on your site are on the Swansea Building Society conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Swansea Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Swansea Building Society panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Swansea Building Society conveyancing panel is not accurate.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Swansea Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Swansea Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My husband and I are at the point of viewing flats and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a mortgage with Swansea Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Swansea Building Society , ask your prospective lawyers check they are on the Swansea Building Society conveyancing panel otherwise they can't do the mortgage legal work.
For 5 years I had a mortgage with Swansea Building Society. My father has just retired and wants to pay off my mortgage. After Swansea Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Swansea Building Society conveyancing panel? I do not intend to live at the property once the Swansea Building Society mortgage is discharged.
will need a solicitor but they need not be on the Swansea Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I currently have a mortgage with with Swansea Building Society. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Swansea Building Society?
Your original mortgage agreement with Swansea Building Society will provide that you need their approval prior to renting your property as this is likely to be a breach of Swansea Building Society’s mortgage conditions. It may be that Swansea Building Society will allow you to rent 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 Swansea Building Society directly. You need not do this via a Swansea Building Society conveyancing panel lawyer.