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FAQs : The The Chorley & District Building Society Solicitor Panel
Is there a reason why all solicitors aren't included on the The Chorley & District Building Society Conveyancing panel?
The Chorley & District Building Society and other banks normally imposes restrictions either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that The Chorley & District Building Society have no responsibility for the quality of advice provided by any member of The Chorley & District Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
My wife and I are refinancing our apartment with The Chorley & District Building Society. We have a son approaching twenty who lives with us. The solicitor on the The Chorley & District Building Society conveyancing panel requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the The Chorley & District Building Society conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your The Chorley & District Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to The Chorley & District Building Society .This is solely used to protect the The Chorley & District Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of The Chorley & District Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
How do I search for a local solicitor on the The Chorley & District Building Society conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the The Chorley & District Building Society solicitor panel.
I was due to complete on my dream home two days ago. My lawyer’s firm is on the The Chorley & District Building Society conveyancing panel but has changed address 8 weeks ago and had not informed The Chorley & District Building Society of their new address. The Chorley & District Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local The Chorley & District Building Society branch or your mortgage broker to see if they can assist.
When it comes to lenders such as The Chorley & District Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
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.
Do the majority of lenders 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 The Chorley & District Building Society conveyancing panel requirements are different to The Chorley & District Building Society’s conveyancing panel criteria.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned The Chorley & District Building Society on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the The Chorley & District Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the The Chorley & District Building Society panel she or he must comply with the CML Handbook requirements for The Chorley & District Building Society. Unless your lawyer obtains specific confirmation in writing that The Chorley & District Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask The Chorley & District Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.