Common questions asked concerning the Cumberland Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my maisonette and the EA has just called to advise that the purchasers are appointing a new property lawyer. The reason given is that Cumberland Building Society will only work with property lawyers on their conveyancing panel. Why would a major lender only work with certain lawyers?
Mortgage companies have always had panels 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 15 years.
Banks point to the increase in fraud by way of justification 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.
My conveyancer has spotted a discrepancy when comparing the assumptions in Cumberland Building Society’s home valuation report and what is in the title deeds. My lawyer informs me that as he is on the Cumberland Building Society conveyancing panel he must check that the lender is OK with this discrepancy and is content go ahead. Is my lawyer’s course or action right?
A precondition to being on the Cumberland Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Cumberland Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
Whilst your website is a good idea there are many lawyers listed near Manchester on the Cumberland Building Society conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Cumberland Building Society ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My grandfather passed away last year and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Cumberland Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Cumberland Building Society will insist on your using a conveyancer on the Cumberland Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Cumberland Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Cumberland Building Society mortgage is registered as a charge at the Land Registry.
I previously instructed online solicitors located in London who are on the Cumberland Building Society solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of the Cumberland Building Society mortgage. Is this a supplemental conveyancing fee set by Cumberland Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Cumberland Building Society but by your lawyers. Some firms on the Cumberland Building Society will charge an ‘acting for lender’ fee and others do not.
We were going to get a DIP from Cumberland Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Cumberland Building Society recommend a solicitor on the Cumberland Building Society conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Cumberland Building Society conveyancing panel. The solicitor represents both you and the Cumberland Building Society through the process.
I currently have a mortgage with with Cumberland Building Society. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Cumberland Building Society?
You must advise Cumberland Building Society before letting out your property as this is likely to be a breach of Cumberland 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 Cumberland Building Society directly. You need not do this via a Cumberland Building Society conveyancing panel solicitor.
