COMPLETIONmonitor is an online pre- and post-completion checklist for property lawyers. Supported by the CML and PI insurers such as AmTrust. COMPLETIONmonitor is a unique risk management tool.
This software is the only way you can demonstrate to lender panels that you are, and can stay fully compliant with their instructions, with notifications given on Cambridge Building Society’s changes. Notwithstanding that using the software is not a prerequisite for Cambridge Building Society , demonstrating you can remain up to date with Cambridge Building Society’s Handbook requirements is an excellent support to your panel application and, just as importantly, safeguard your firm’s panel status.
The software generates real-time alerts, automatically produces SRA and CQS reports, and will increase your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in a PII saving.
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Lenders frequently vary their requirements. The BSA instructions from Cambridge Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, over time:
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Examples of recent questions relating to the Cambridge Building Society Solicitor Panel
from members of the public
My fiance and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Cambridge Building Society have this evening contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance 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 Accreditation Scheme.
Your property lawyers should contact Cambridge Building Society and see if they can apply for membership of the Cambridge Building Society conveyancing panel, but if that is not viable Cambridge Building Society will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Cambridge 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.
My fiance and I are refinancing our maisonette with Cambridge Building Society. We have a son 18 who lives with us. The solicitor on the Cambridge Building Society conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Cambridge Building Society conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Cambridge Building Society .This is solely used to protect the Cambridge Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Cambridge Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Cambridge Building Society conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am selling my house. Does my solicitor have to be on the Cambridge Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Cambridge Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
is it true that all conveyancing solicitors on the Cambridge Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Cambridge Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
The for formalities of my purchase has taken place with a loan from Cambridge Building Society. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Cambridge Building Society. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the Cambridge Building Society branches or the Customer Services Department at Cambridge Building Society head office. We understand that complaints to Cambridge Building Society are sorted out very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I was told three weeks ago that my mortgage has been agreed
to by Cambridge Building Society. Is it usual for Cambridge Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Cambridge Building Society to deal with your lawyers application to be on the Cambridge Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
