Cumberland Building Society Conveyancing Panel : Questions and Answers from members of the public
The lawyer my husband and I wanted to use for conveyancing on a remortgage said she would charge more if my mortgage is with Cumberland Building Society because of their unusual legal requirements. Will I regret using Cumberland Building Society? Is Cumberland Building Society conveyancing so much more difficult?
Cumberland Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Cumberland Building Society conveyancing panel. If they are not, this does add further risk of delay as Cumberland Building Society will appoint their own solicitors to look after their interest.
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 Cumberland Building Society will not agree to this. Why was Cumberland Building Society even consulted?
Your lawyer being on the Cumberland Building Society conveyancing panel is duty bound to inform Cumberland Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Cumberland Building Society then they would have to discontinue acting for you and Cumberland Building Society.
Do I need to attend the offices of the Cumberland Building Society conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in London
so that I can pop in to their offices when needed.
Whereas this was necessary 15 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Cumberland Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Cumberland Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I have today made my last payment due on mortgage with Cumberland Building Society. I assume I don't need a solicitor on the Cumberland Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Cumberland 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 Cumberland Building Society mortgage from the register. Cumberland 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 Cumberland Building Society has sent the Land Registry the discharge electronically, and
the Cumberland Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Cumberland Building Society mortgage has been paid off.
For 5 years I had a mortgage with Cumberland Building Society. My father retired last week and wants to pay off the mortgage left on the property. After Cumberland Building Society is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Cumberland Building Society conveyancing panel? I do not intend to live at the property once the Cumberland Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Cumberland 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 was told three weeks ago that my mortgage has been agreed
to by Cumberland Building Society. Is it usual for Cumberland Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Cumberland Building Society to deal with your lawyers application to be on the Cumberland Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.