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approved by Stafford Railway BS
Ready to buy a new home? Failing to check that a lawyer is on the Stafford Railway BS list of approved solicitors can put your transaction at risk of delay or failure.
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Stafford Railway Building Society Conveyancing Panel Recently Asked Questions
My fiance and I are buying a 3 bedroom apartment in London with a mortgage from Stafford Railway Building Society. We like our solicitor but Stafford Railway Building Society says he's not on their "panel". It seems we have little choice but to instruct one of the Stafford Railway Building Society panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Stafford Railway Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Stafford Railway 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Stafford Railway Building Society
I am purchasing a newly constructed flat and my conveyancer is informing me that she is duty bound to reveal incentives from the developer as her firm is on the Stafford Railway Building Society conveyancing panel. I am on a tight deadline to sign contracts and I have no desire to delay the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Stafford Railway Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Stafford Railway Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Stafford Railway Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My solicitors in London have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Stafford Railway Building Society. Is it case that being on the Stafford Railway Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements 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 Stafford Railway Building Society Conveyancing Panel Terms. It might be worth you contacting Stafford Railway Building Society directly.
Is it common for Stafford Railway Building Society to withdraw a mortgage offer and what would be the reasoning?
Lenders such as Stafford Railway Building Society can revoke their mortgage offer although this rarely happens. If Stafford Railway Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Stafford Railway Building Society conveyancing panel solicitors would be obliged to notify Stafford Railway Building Society of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
- If the solicitor on the Stafford Railway Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Stafford Railway Building Society ‘s instructions
For 5 years I had a mortgage with Stafford Railway Building Society. My grandfather retired last week and wants to pay off the mortgage left on the property. After Stafford Railway Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Stafford Railway Building Society conveyancing panel? I do not intend to live at the property once the Stafford Railway Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Stafford Railway 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. There's no capital gains tax for you as it is
your main residence.
I am currently in the process of buying my council flat. I have a mortgage offer with Stafford Railway Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Stafford Railway Building Society you will need to appoint a solicitor on the Stafford Railway Building Society conveyancing panel.