Chesham Building Society Solicitor Panel Recently Asked Questions from members of the public
Is the fact that my conveyancer is not isted on the Chesham Building Society Solicitor panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Chesham Building Society.
My grandson is about to exchange on a new build apartment with a home loan from Chesham Building Society. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Chesham Building Society conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Chesham Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am Googling for competitive conveyancing fees. Can I be sure that all the law firms that are identified on your website are on the Chesham Building Society conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Chesham Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Chesham 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 Chesham Building Society conveyancing panel is incorrect.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Chesham Building Society Solicitor panel before the completion date?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am about to exchange contracts on a purchase with a mortgage from Chesham Building Society. The report from my solicitor mentions that Chesham Building Society could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Chesham Building Society can revoke their mortgage offer although this is unusual. If Chesham Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Where information comes to Chesham Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the financial circumstances of the borrower have changed to the detriment and the Chesham Building Society has been notified
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender has to take account a recent change in law
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
I have today made my last payment due on mortgage with Chesham Building Society. I assume I don't need a solicitor on the Chesham Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Chesham 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 Chesham Building Society mortgage from the register. Chesham 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 Chesham Building Society has sent the Land Registry the discharge electronically, and
the Chesham Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Chesham Building Society mortgage has been paid off.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Chesham Building Society are being pedantic. The solicitor who is on the Chesham Building Society conveyancing panel is saying indemnity insurance will be fine but Chesham Building Society are requiring a building regulation certificate. Why do Chesham Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Chesham Building Society have referred the matter to their valuer. The reason why Chesham 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.