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I am in the process of selling my apartment and the estate agent has just e-mailed to advise that the buyers are appointing a new conveyancer. The reason given is that Cambridge Building Society will only work with property lawyers on their approved list. Why would a major mortgage company only engage with certain solicitors?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, 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 as the reason 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.
We are getting closer to an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Cambridge Building Society. I am advised that, being on the Cambridge Building Society conveyancing panel and acting on their behalf he must inform Cambridge Building Society if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Cambridge Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Cambridge Building Society if you agree, failing which, your lawyer must cease to continue acting.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Cambridge Building Society conveyancing panel. My lawyer has said that they are on the Cambridge Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Cambridge Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Cambridge Building Society solicitor panel.
My grandfather passed away 10 months ago and as sole heir and executor was left the house. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Cambridge Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Cambridge Building Society will insist on your using a conveyancer on the Cambridge 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 Cambridge 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 Cambridge Building Society mortgage is registered as a charge at the Land Registry.
I had instructed online conveyancers based in London who are on the Cambridge Building Society solicitor panel. They are now charging me a separate fee of £195 for the legal aspects of the Cambridge Building Society mortgage. Is this an additional conveyancing fee set by Cambridge Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Cambridge Building Society but by your lawyers. Some firms on the Cambridge Building Society will charge an ‘acting for lender’ fee and others do not.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Cambridge Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Cambridge Building Society your lawyer must to check the Cambridge Building Society conveyancing instructions contained in the Part of CML Handbook for Cambridge Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Cambridge Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Cambridge Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Cambridge Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Cambridge Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.