Common questions asked concerning the Cumberland Building Society Solicitor Panel from members of the public
My mortgage broker has says he needs my lawyer’ panel member for the Cumberland Building Society conveyancing panel. Can you suggest how I discover this. I have contacted my local Cumberland Building Society branch but they have not responded to me.
the sensible thing to do is ask for this information from your solicitor. They should have a central record lender panel numbers including the Cumberland Building Society panel reference.
Our conveyancing solicitor has informed me that he requires identification documents saying that this is part of his obligations as a solicitor on the Cumberland Building Society Solicitor panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Cumberland Building Society also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Cumberland Building Society CML Handbook requirements last updated on Cumberland Building Society
I note that you have a search directory listing law firms on the Cumberland Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Cumberland Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Cumberland Building Society mortgage for purchase of a new build (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Cumberland Building Society?
In theory, you could use a solicitor that is not on Cumberland Building Society conveyancing panel, but Cumberland Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
What are the common reasons for a lender such as Cumberland Building Society to withdraw a mortgage offer?
Banks and Building Societies such as Cumberland Building Society can revoke their mortgage offer although this is unusual. In the unlikely event that Cumberland Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Cumberland Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Cumberland Building Society of a change in the loan amount agreed
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
I am selling my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Cumberland Building Society are being problematic. The solicitor who is on the Cumberland Building Society conveyancing panel is saying indemnity insurance will be fine but Cumberland Building Society are insisting on a building regulation certificate. Why do Cumberland Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Cumberland Building Society have referred the matter to their valuer. The reason why Cumberland 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.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Cumberland Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Cumberland Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Cumberland Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.