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I appointed a firm of solicitors to conduct the legal paperwork on my remortgage three weeks ago having applied for a mortgage with Swansea Building Society. The solicitors confirmed to me that they are on Swansea Building Society conveyancing panel and advised me their panel reference. Swansea Building Society then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm listed on the approved panel for Swansea Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Swansea Building Society conveyancing panel You may wish to enlist the help of your broker to check with the Swansea Building Society as to the time frame to get your lawyer reinstated on the panel once again.
Our solicitor has identified a legal deficiency with the lease for the property we are purchasing. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the Swansea Building Society conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Swansea Building Society?
Just because you have a mortgage offer from Swansea 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 Swansea Building Society are the client. The appropriate lender requirements have to be complied with by the Swansea Building Society conveyancing panel who has to balance acting for you and Swansea Building Society
I note that you have a post code search directory identifying firms on the Swansea Building Society conveyancing panel. Do firms pay you a referral fee if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Swansea Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £4500. I want to have the title changed 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 it the case that all conveyancing solicitors on the Swansea Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Swansea 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).
Can I be sure that the solicitor on the Swansea Building Society panel is any good?
seeking recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your transaction
For 5 years I had a mortgage with Swansea Building Society. My grandfather retired last week and wants to pay off the mortgage left on the property. 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.
You 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. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.