FAQs : The Beverley Building Society Conveyancing Panel from members of the public
My partner and I are first time buyers. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Beverley Building Society have this afternoon contacted us to advise us that they have now hit a problem as our conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact Beverley Building Society and see if they can apply for membership of the Beverley Building Society conveyancing panel, but if that is not viable Beverley Building Society will instruct their own solicitors to act. You don't have to instruct a firm on the Beverley Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Our solicitor has informed me that he requires ID documents stating that this is part of his requirements as a solicitor on the Beverley Building Society Conveyancing panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Beverley Building Society your lawyer also has to check ID documents to satisfy Beverley Building Society
What tools are available to search for a local solicitor on the Beverley 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 page. 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 Beverley Building Society solicitor panel.
I am considering applying for a Beverley Building Society mortgage for purchase of a new build (under development) with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Beverley Building Society?
There is nothing to stop you using your solicitor but Beverley Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is it the case that all conveyancing solicitors on the Beverley Building Society conveyancing panel work on a no sale no fee basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
How can we tell if a solicitor on the Beverley Building Society panel is any good?
Getting recommendations is a sensible start. 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 recommend that you speak with the solicitor carrying out your conveyancing
My husband and I are in the process of looking at apartments and now considering a potential offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a mortgage with Beverley Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Beverley Building Society , make sure you remember to check that your lawyer is on the Beverley Building Society conveyancing panel.
