Coventry Building Society Solicitor Panel Recently Asked Questions from members of the public
I am in the process of selling my house and the EA has just called to say that the purchasers are swapping property lawyer. The reason given is that Coventry Building Society will only deal with property lawyers on their approved list. On what basis would a leading mortgage company only work with certain law firms?
Lenders 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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 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 being contacted daily by practices 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 due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Coventry Building Society will not agree to this. Why was Coventry Building Society even consulted?
Your lawyer being on the Coventry Building Society conveyancing panel is duty bound to inform Coventry Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Coventry Building Society then they would have to discontinue acting for you and Coventry Building Society.
I am Googling for online conveyancing estimates. Can I be assured that all the firms that are identified on your site are on the Coventry Building Society conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Coventry Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Coventry 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 Coventry Building Society conveyancing panel is not accurate.
We're in London, First timers purchasing with a mortgage (lender is Coventry Building Society , but our lawyer is on the Coventry Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
My wife and I have arranged a further advance on our mortgage from Coventry Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Coventry Building Society conveyancing panel to deal with the paperwork?
Coventry Building Society do not ordinarily instruct firms on their approved list of lawyers 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 Coventry Building Society list
My existing mortgage is with Coventry Building Society. My godfather has just retired and wants to pay off my mortgage. After Coventry 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 Coventry Building Society conveyancing panel? I do not intend to live at the property once the Coventry Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Coventry Building Society 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 decided to exercise my right to buy my property off the council. I have a mortgage agreed with Coventry Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Coventry Building Society you will need to appoint a solicitor on the Coventry Building Society conveyancing panel.