Cambridge Building Society Conveyancing Panel Example Support Desk Enquires from members of the public
I am selling my house and the estate agent has just e-mailed to say that the purchasers are appointing a new conveyancer. The excuse is that Cambridge Building Society will only work with solicitors on their approved list. On what basis would a big named lender only deal with specific lawyers?
Banks 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders 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 being contacted daily by practices 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 conveyancer is asking me for personal identification documents stating that this is part of his retainer as a conveyancer on the Cambridge Building Society Solicitor panel. This is news to me - can I refuse?
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 Cambridge Building Society your lawyer also has to check ID documents to satisfy Cambridge Building Society
I note that you have a search directory listing firms on the Cambridge Building Society conveyancing panel. Do firms pay you a commission if I appoint them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Cambridge Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
What happens if my solicitor is suspended from the Cambridge Building Society Solicitor panel before the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We expect to receive 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 find our own lawyer
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 currently have a mortgage with with Cambridge Building Society. Conveyancing has been completed 12 months 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 buy-to-let mortgage or inform Cambridge Building Society?
Cambridge Building Society must be informed of your intention prior to letting out your property as this is likely to be a breach of Cambridge Building Society’s mortgage conditions. It may be that Cambridge Building Society 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 Cambridge Building Society directly. You need not do this via a Cambridge Building Society conveyancing panel firm.
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Cambridge Building Society conveyancing panel complaints department or do I complain directly to the law firm?
Complaining to Cambridge Building Society about their conveyancing panel is unlikely to yield much of a response. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.