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approved by Swansea BS
Ready to buy a new home? Failing to check that a lawyer is on the Swansea BS list of approved solicitors can put your transaction at risk of delay or failure.
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Examples of recent questions relating to the Swansea Building Society Solicitor Panel
We are hoping to buy a 3 bedroom flat in Leeds with a mortgage from Swansea Building Society. We would like to retain our solicitor but Swansea Building Society says she’s not on their "panel". It seems we have little choice but to instruct one of the Swansea Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Swansea Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Swansea Building Society
Our solicitor has informed me that he requires ID documents saying that this forms part of his legal duty as a solicitor on the Swansea Building Society Solicitor panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Swansea Building Society your lawyer also has to check ID documents to satisfy Swansea Building Society
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Swansea Building Society conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My lawyers in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Swansea Building Society. Is it case that being on the Swansea Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender 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 Swansea Building Society Conveyancing Panel Terms. It might be worth you contacting Swansea Building Society directly.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Swansea Building Society conveyancing panel requirements are different to Swansea Building Society’s conveyancing panel requirements.
Why might a lender such as Swansea Building Society withdraw a mortgage offer?
Lenders such as Swansea Building Society can withdraw their mortgage offer although this rarely happens. In the unlikely event that Swansea Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a few examples:
- If the financial circumstances of the borrower have changed to the detriment and the Swansea Building Society has been notified
- If the borrower informs Swansea Building Society of a change in security address
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Swansea Building Society conveyancing panel solicitors would be obliged to notify Swansea Building Society of a change in the price of the property.
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- 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
My ex -wife’s name is on the Swansea Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Swansea Building Society mortgage in order to sell?
As regards the Swansea Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Swansea Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.