Examples of recent questions relating to the Chelsea Building Society Conveyancing Panel from members of the public
Much to my surprise I have been told by my IFA that my property lawyer is not on the Chelsea Building Society Conveyancing panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to contact your conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for Chelsea Building Society.
Our solicitor has discovered a defect with the lease for the apartment we are purchasing. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the Chelsea Building Society conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Chelsea Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Chelsea Building Society are the client. A precondition to being on the Chelsea Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Chelsea Building Society). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Chelsea Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I see that you have a search directory identifying solicitors on the Chelsea Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Chelsea Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My conveyancers in Newcastle have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Chelsea Building Society. Is it case that being on the Chelsea Building Society conveyancing panel they need to have retained the file for a number of years?
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 Chelsea Building Society Conveyancing Panel Terms. It might be worth you contacting Chelsea Building Society directly.
My brother and I have had an offer accepted on a apartment I spoke to a solicitor previously used by my mum and he suggested instructing a property lawyers approved by Chelsea Building Society. The estate agent recommended two local firms so I asked Chelsea Building Society if the 2 suggested solicitors are approved, which they are not. Chelsea 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 Chelsea 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.
Enquire of Chelsea Building Society for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Chelsea 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 Chelsea Building Society conveyancing panel as it may only take about 2-3 weeks. As long as they meet Chelsea 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.
I have a mortgage with Chelsea Building Society. My uncle retired last week and wants to pay off my mortgage. After Chelsea 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 Chelsea Building Society conveyancing panel? I do not intend to live at the property once the Chelsea Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Chelsea Building Society conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I have a mortgage with Chelsea Building Society. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Chelsea Building Society?
You must advise Chelsea Building Society prior to letting out your property as this is likely to be a breach of Chelsea Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Chelsea Building Society directly. You need not do this via a Chelsea Building Society conveyancing panel solicitor.