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The lawyer my husband and I wanted to use for conveyancing on a remortgage said he would charge more if my mortgage is with Swansea Building Society due to their unusual legal requirements. Am I likely to be frustrated using Swansea Building Society? Is Swansea Building Society conveyancing so much more difficult?
Swansea Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Swansea Building Society conveyancing panel. If they are not, this does add further risk of delay as Swansea Building Society will appoint their own solicitors to look after their interest.
Our lawyer has discovered a legal deficiency with the lease for the property we are buying. The other side have suggested 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 Swansea Building Society conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Swansea Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Swansea Building Society are the client. A precondition to being on the Swansea Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Swansea Building Society). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Swansea 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.
How up to date is your database of lawyers on the Swansea Building Society conveyancing panel? Do Swansea Building Society send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Swansea Building Society conveyancing panel as opposed to being supplied with a list from Swansea Building Society directly.
My grandfather 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 £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Swansea Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Swansea Building Society will insist on your using a conveyancer on the Swansea 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 Swansea 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 Swansea Building Society mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Swansea Building Society conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
My husband and I are in the process of looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a mortgage with Swansea Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use 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 , make sure you remember to check that your lawyer is on the Swansea Building Society conveyancing panel.
Planning on purchasing a flat with a mortgage with Swansea Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Swansea Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Swansea Building Society conveyancing panel