Frequently asked questions relating to the Cumberland Building Society Solicitor Panel from members of the public
I am selling my apartment and the estate agent has just e-mailed to warn that the purchasers are switching solicitor. The reason given is that Cumberland Building Society will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers?
Lenders 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.
Lenders blame a rise 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 hearing daily from firms 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.
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 banks and building societies provide you with an approved list of solicitors? How do you know who is on the Cumberland Building Society conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Cumberland Building Society conveyancing panel as opposed to being supplied with a list from Cumberland Building Society directly.
I am buying 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.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with Cumberland Building Society. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Cumberland Building Society involved you will need to appoint a solicitor on the Cumberland Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Cumberland Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Cumberland Building Society conveyancing panel.
I recently had an offer accepted on a house. My financial adviser recommended their conveyancers I paid an upfront payment of 150. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Cumberland Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Cumberland Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My ex -wife’s name is on the Cumberland Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Cumberland Building Society mortgage in order to sell?
In terms of the Cumberland Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Cumberland Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.