FAQs : The Dudley Building Society Solicitor Panel
from members of the public
I instructed a firm of solicitors to conveyancing on my remortgage six weeks ago having applied for a mortgage with Dudley Building Society. The law firm assured me that they are on Dudley Building Society conveyancing panel and advised me their panel number. Dudley Building Society then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the conveyancing panel for Dudley Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Dudley Building Society as to the time frame to get your lawyer reinstated on the panel once again.
Expecting to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Dudley Building Society. What risks do Dudley Building Society expect the insurance to cover?
Any lawyer on the Dudley Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Dudley Building Society’s Part 2 requirements of the CML Handbook (last updated on Dudley Building Society). Being on the Dudley Building Society conveyancing panel your lawyer is expect to follow these instructions.
I note that you have a search directory listing law firms on the Dudley Building Society conveyancing panel. Do firms pay you a commission if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Dudley Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Dudley Building Society Conveyancing panel prior to completion?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is there a list of Dudley Building Society panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I have paid off my mortgage with Dudley Building Society. I assume I don't need a solicitor on the Dudley Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Dudley Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Dudley Building Society mortgage from the register. Dudley Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Dudley Building Society has sent the Land Registry the discharge electronically, and
the Dudley Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Dudley Building Society mortgage has been paid off.
The mortgage over my property is with Dudley Building Society. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Dudley Building Society?
You must advise Dudley Building Society prior to renting your property as this is likely to be a breach of Dudley Building Society’s mortgage conditions. It may be that Dudley Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Dudley Building Society directly. It should not be necessary to do this via a Dudley Building Society conveyancing panel solicitor.