Cambridge Building Society Conveyancing Panel Example Support Desk Enquires from members of the public
I am progressing with the sale of my maisonette and the EA has just e-mailed to advise 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 conveyancing panel. Why would a major mortgage company only deal with certain solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason 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.
I am buying a newly constructed apartment and my solicitor is informing me that she is duty bound to reveal incentives from the builder as her firm is on the Cambridge Building Society conveyancing panel. I am under pressure to exchange and I dont want to prolong the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Cambridge Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Cambridge Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Cambridge Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Cambridge Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I was due to complete on my first house last Friday. My lawyer’s firm is on the Cambridge Building Society conveyancing panel but has changed address in the past couple of months and had not informed Cambridge Building Society of their new address. Cambridge Building Society has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Cambridge Building Society branch or your mortgage broker to see if they can assist.
My wife and I have arranged a further advance on our mortgage from Cambridge Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Cambridge Building Society conveyancing panel to deal with the legals?
Cambridge Building Society would not normally instruct firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Cambridge Building Society panel
After much negotiation I have agreed a price on a house. My financial adviser recommended their conveyancers I paid an upfront payment of 200. Soon after the conveyancers contacted me to say that they were not on the Cambridge Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Cambridge Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am selling my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Cambridge Building Society are being problematic. The solicitor who is on the Cambridge Building Society conveyancing panel is recommending indemnity insurance as a solution but Cambridge Building Society are requiring a building regulation certificate. Why do Cambridge Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Cambridge Building Society have referred the matter to their valuer. The reason why Cambridge Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.