Cambridge Building Society Conveyancing Panel Example Support Desk Enquires from members of the public
My partner and I are novices when it comes to buying a property. Within the last couple of days our lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Cambridge Building Society have this morning contacted us to inform me that there is now an issue as our conveyancer is not on their approved list of lawyers. Is this a problem?
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 Quality 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 it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am due to complete my purchase next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Cambridge Building Society. What does the insurance need to cover?
Any lawyer on the Cambridge Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Cambridge Building Society’s Part 2 requirements of the CML Handbook (last updated on Cambridge Building Society). Being on the Cambridge Building Society conveyancing panel your lawyer is expect to follow these requirements.
I am searching for online conveyancing estimates. Can I be confident that all the practices that are listed on your site are on the Cambridge Building Society conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the Cambridge Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Cambridge Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Cambridge Building Society conveyancing panel is not accurate.
I would like to get my ex-husband removed the mortgage deeds. Can Cambridge Building Society really insist on 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
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Cambridge Building Society conveyancing panel requirements are different to Cambridge Building Society’s conveyancing panel criteria.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Cambridge Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Cambridge Building Society your lawyer must to check the Cambridge Building Society conveyancing instructions contained in the Part of CML Handbook for Cambridge Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Cambridge Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I have paid off my 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. Please confirm
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.
