Common questions asked concerning the Darlington Building Society Conveyancing Panel from members of the public
My fiance and I are buying a 3 bedroom flat in Hackney with a mortgage from Darlington Building Society. We would like to retain our lawyer but Darlington Building Society says he's not on their "panel". It seems we have little choice but to instruct one of the Darlington Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Darlington Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Darlington Building Society
We are only a couple days away from an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Darlington Building Society. I am advised that, being on the Darlington Building Society conveyancing panel and acting on their behalf he must inform Darlington 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 him to raise this?
Your lawyer is obliged to check with Darlington 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 Darlington Building Society if you agree, failing which, your lawyer must cease to continue acting.
Your search tool is useful but there are many lawyers listed near Chelsea on the Darlington Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Darlington Building Society approved panel?
We are not in the business of recommending one firm above another 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..
I am considering applying for a Darlington Building Society mortgage for purchase of a newly converted (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Darlington Building Society?
In theory, you could use a solicitor that is not on Darlington Building Society conveyancing panel, but Darlington Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Darlington Building Society conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
For 5 years I had a mortgage with Darlington Building Society. My father retired last week and wants to pay off the mortgage left on the property. After Darlington 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 Darlington Building Society conveyancing panel? I do not intend to live at the property once the Darlington Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Darlington Building Society conveyancing 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.
Darlington Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Darlington Building Society or your broker and complete any relevant paperwork. Darlington Building Society will tell you what documents they want. Darlington Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Darlington Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.