Frequently asked questions relating to the Cambridge Building Society Solicitor Panel from members of the public
A conveyancer my husband and I wanted to use for conveyancing on a purchase said she will levy higher legal fees if my mortgage is with Cambridge Building Society because of their unusual legal requirements. Will I regret using Cambridge Building Society? Is Cambridge Building Society conveyancing so much more difficult?
Cambridge Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Cambridge Building Society conveyancing panel. If they are not, this does add further risk of delay as Cambridge Building Society will appoint their own solicitors to look after their interest.
We are only a couple days away from an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Cambridge Building Society. Apparently, being on the Cambridge Building Society conveyancing panel and acting on their behalf he must inform Cambridge Building Society if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Cambridge Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Cambridge Building Society if you agree, failing which, your lawyer must cease to continue acting.
How up to date is your search tool for the Cambridge Building Society conveyancing panel? Do Cambridge Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Cambridge Building Society conveyancing panel as opposed to being supplied with a list from Cambridge Building Society directly.
What happens if my solicitor is suspended from the Cambridge Building Society Conveyancing panel in advance of completion?
First, this is very unlikely to happen. 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.
Is there a list of Cambridge Building Society panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Are all solicitor practices on the Cambridge Building Society conveyancing panel overseen by the SRA?
As a firm of 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).
I have had an offer accepted on a house I spoke to a conveyancer recommended by my dad and he suggested retaining a law firm approved by Cambridge Building Society. The estate agent recommended two local firms so I asked Cambridge Building Society if the 2 suggested solicitors are approved, which they are not. Cambridge Building Society pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Cambridge Building Society 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Cambridge Building Society for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Cambridge Building Society conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Cambridge Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Cambridge Building Society’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.