Cumberland Building Society Conveyancing Panel : Questions and Answers
from members of the public
A conveyancer my husband and I wanted to use for conveyancing on a purchase said he would charge more if my mortgage is with Cumberland Building Society due to 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 approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Cumberland Building Society. Apparently, being on the Cumberland Building Society conveyancing panel and acting on their behalf he must inform Cumberland Building Society if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Cumberland Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Cumberland Building Society if you agree, failing which, your lawyer must cease to continue acting.
I have been Googling for conveyancing quotes online. Can I be assured that all the law firms that are identified on your website are on the Cumberland Building Society conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Cumberland Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Cumberland Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Cumberland Building Society conveyancing panel is incorrect.
My solicitors in Birmingham have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Cumberland Building Society. Is it case that being on the Cumberland Building Society conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Cumberland Building Society Conveyancing Panel Terms. It might be worth you contacting Cumberland Building Society directly.
What are the common reasons for a lender such as Cumberland Building Society to withdraw a mortgage offer?
Lenders 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 the reasons why. There are many potential reasons but here are a few 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 security address
If the borrower informs Cumberland Building Society of a change in the loan amount agreed
Where the sale is not at arms length for value to unconnected persons
If the solicitor on the Cumberland Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Cumberland Building Society ‘s instructions
Completion of my remortgage has taken place with a loan from Cumberland Building Society. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Cumberland Building Society. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the Cumberland Building Society branches or the Customer Services Team at Cumberland Building Society head office. We understand that complaints to Cumberland Building Society are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I have instructed a lawyer having checked that they are on the Cumberland Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
I've read lots of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Cumberland Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Cumberland Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Cumberland Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Cumberland Building Society you could contact your them to see if they have a list of approved surveyors.