Dudley Building Society Solicitor Panel Sample Enquires to our Call Center from members of the public
Can you please explain the reason why all UK lawyers are not on the Dudley Building Society Conveyancing panel?
Dudley Building Society and other banks ordinarily imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that Dudley Building Society have no responsibility for the quality of advice provided by any member of Dudley Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
My solicitor has identified a discrepancy when comparing the assumptions in Dudley Building Society’s home valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the Dudley Building Society conveyancing panel he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
A precondition to being on the Dudley Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Dudley Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I need to visit the offices of the Dudley Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Bristol
so that I can pop in to their offices if required.
Whereas this was necessary twenty 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 Bristol
.
I was supposed to complete on my dream home last Thursday. My solicitor is on the Dudley Building Society solicitors panel but has moved offices 8 weeks ago and had not informed Dudley Building Society of their new address. Dudley Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Dudley Building Society branch or your mortgage broker to see if they can assist.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Dudley Building Society conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I am currently in the process of buying my council flat. I have a mortgage agreed with Dudley Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Dudley Building Society you will need to appoint a solicitor on the Dudley Building Society conveyancing panel.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Dudley Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Dudley Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Dudley Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.