Common questions asked concerning the Beverley Building Society Solicitor Panel from members of the public
I am selling my maisonette and the estate agent has just telephoned to warn that the purchasers are swapping solicitor. The excuse is that Beverley Building Society will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise 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.
Our conveyancing solicitor has informed me that he requires personal identification documents asserting that this forms part of his retainer as a conveyancer on the Beverley Building Society Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that Beverley Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Beverley Building Society CML Handbook requirements last updated on Beverley Building Society
Do I have to visit the offices of the Beverley Building Society conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Leeds
so that I can attend their offices if required.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Leeds
.
I am attempting to get my ex-husband taken off the mortgage deeds. Can Beverley Building Society really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but Beverley Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Beverley Building Society solicitors panel
My existing mortgage is with Beverley Building Society. My grandfather retired last week and wants to pay off the mortgage left on the property. After Beverley 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 Beverley Building Society conveyancing panel? I do not intend to live at the property once the Beverley Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Beverley Building Society 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 have a mortgage with Beverley Building Society. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Beverley Building Society?
Beverley Building Society must be informed of your intention before letting out your property as this is likely to be a breach of Beverley Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Beverley Building Society directly. It should not be necessary to do this via a Beverley Building Society conveyancing panel solicitor.
I am selling my flat. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Beverley Building Society are being difficult. The solicitor who is on the Beverley Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Beverley Building Society are insisting on a building regulation certificate. Why do Beverley Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Beverley Building Society have referred the matter to their valuer. The reason why Beverley Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.