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Ready to buy a new home? Failing to check that a lawyer is on the Cambridge BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Cambridge Building Society Conveyancing Panel? How can my firm be reinstated onto the Cambridge Building Society Conveyancing Panel?Find an Approved Solicitor on the Cambridge Building Society Conveyancing Panel
Common questions asked concerning the Cambridge Building Society Solicitor Panel
I am in the process of selling my apartment and the estate agent has just texted me to say that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that Cambridge Building Society will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only work with specific law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My solicitor has identified a difference between the information in Cambridge Building Society’s valuation survey and what is revealed within the legal papers for the property. My solicitor informs me that as he is on the Cambridge Building Society conveyancing panel he is obliged to ensure that the bank is with this discrepancy and is content go ahead. Is my solicitor’s stance right?
A precondition to being on the Cambridge Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Cambridge Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
I am looking to buy a flat and need a conveyancing solicitor in Manchester who is on the Cambridge Building Society solicitor. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Cambridge Building Society . We don’t recommend any particular firm.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Cambridge Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Cambridge 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.
Can you point me to a directory of Cambridge Building Society panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
We were going to get a DIP from Cambridge Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Cambridge Building Society recommend a solicitor on the Cambridge Building Society conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Cambridge Building Society conveyancing panel. The solicitor represents both you and the Cambridge Building Society through the process.
I have agreed a price on a house I spoke to a solicitor previously used by my dad and he recommended retaining a property lawyers approved by Cambridge Building Society. The estate agent recommended two local firms so I asked Cambridge Building Society if the 2 suggested solicitors are approved, which they are not. Cambridge Building Society suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Cambridge Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Cambridge Building Society for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Cambridge Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Cambridge Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Cambridge Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.