Q and A’s regarding the Cumberland Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my apartment and the EA has just telephoned to advise that the buyers are appointing a new solicitor. The excuse is that Cumberland Building Society will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with specific law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 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.
I do hope you can help me. My lawyer is assuring me that he is legally obliged to conduct a Local Authority search as the firm are on the Cumberland Building Society solicitor panel. Do I not have a choice here?
You have limited options available to you. As you are taking a mortgage with Cumberland Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Cumberland Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Cumberland Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I have been Googling for conveyancing quotes online. Can I be assured that all the practices that are listed on your website are on the Cumberland Building Society conveyancing panel?
The law firms on our directory have advised us 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 lender or a member of the public that the data about a specific firm being on the Cumberland Building Society conveyancing panel is not accurate.
I am purchasing a new build flat and getting a mortgage with Cumberland Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Cumberland Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Cumberland Building Society conveyancing panel in your location.
Is it the case that all conveyancing solicitors on the Cumberland Building Society conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Intending to buy a house with a mortgage with Cumberland Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Cumberland Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Cumberland Building Society conveyancing panel
Next month my fiance and I are acquiring a flat in Hendon. Conveyancing solicitors in Hendon are preferred to beappointed. My brother-in-lawrecommended that we enquire that the solicitor in Hendon is on the Cumberland Building Society list of approved conveyancing firms. Aren't all lawyers on the Cumberland Building Society panel?
Not all Hendon conveyancing practices are on the Cumberland Building Society conveyancing panel. 5 people a month use our search tool to locate a Hendon conveyancing lawyer on the on the Cumberland Building Society panel.
