FAQs : The Cambridge Building Society Solicitor Panel from members of the public
I am selling my apartment and the EA has just texted me to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that Cambridge Building Society will only deal with solicitors on their approved list. On what basis would a big named lender only engage with certain lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, 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.
Our solicitor is asking me for personal identification documents stating that this is part of his legal duty as a solicitor on the Cambridge Building Society Solicitor panel. Is this right?
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 require the services of a Cambridge Building Society panel solicitor in Inverness. Could you help me?
Unfortunately it’s not apparent why you need a Cambridge Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Cambridge Building Society to find out which solicitors in Cambridge Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
I would like to get my ex-husband taken off the mortgage deeds. Can Cambridge Building Society really tell me which solicitor I can or can not use?
You can use any solicitor you like but Cambridge 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 Cambridge Building Society solicitors panel
I have today made my last payment due on mortgage with Cambridge Building Society. I assume I don't need a solicitor on the Cambridge Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Cambridge Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Cambridge Building Society mortgage from the register. Cambridge Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Cambridge Building Society has sent the Land Registry the discharge electronically, and
the Cambridge Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Cambridge Building Society mortgage has been paid off.
My existing mortgage is with Cambridge Building Society. My uncle has just retired and wants to pay off the mortgage left on the property. After Cambridge Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Cambridge Building Society conveyancing panel? I do not intend to live at the property once the Cambridge Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Cambridge 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.
Cambridge Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Cambridge Building Society or your broker and complete any relevant paperwork. Cambridge Building Society will tell you what documents they want. Cambridge Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Cambridge Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.