Common questions asked concerning the Cambridge Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my maisonette and the estate agent has just e-mailed to say that the buyers are switching property lawyer. I am told that this is due to the fact that Cambridge Building Society will only engage with solicitors on their approved list. On what basis would a leading lender only deal with certain 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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 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.
We are nearing an exchange and my parents having transferred 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 home loan so is it really necessary for this now to be an issue?
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.
I need to find a Cambridge Building Society panel solicitor in Stirling. Could you help me?
It is not clear 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
My lawyers in Leeds have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Cambridge Building Society. Is it case that being on the Cambridge Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Cambridge Building Society Conveyancing Panel Terms. It might be worth you contacting Cambridge Building Society directly.
We expect to receive a DIP from Cambridge Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (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 go independently
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.
Completion of my purchase has taken place with a mortgage from Cambridge Building Society. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Cambridge Building Society. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the Cambridge Building Society branches or the Customer Services Team at Cambridge Building Society head office. Ordinarily complaints to Cambridge Building Society are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Cambridge Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Cambridge Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Cambridge Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
