Common questions asked concerning the Family Building Society Conveyancing Panel from members of the public
I appointed a firm of solicitors to carry out on my remortgage three weeks ago having applied for a mortgage with Family Building Society. The law firm reassured me that they are on Family Building Society conveyancing panel and advised me their panel reference. Family Building Society then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm listed on the approved panel for Family 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 Family Building Society as to the time frame to get your lawyer reinstated on the panel once again.
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 Family Building Society will not agree to this. Why was Family Building Society even consulted?
Your lawyer being on the Family Building Society conveyancing panel is duty bound to inform Family Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Family Building Society then they would have to discontinue acting for you and Family Building Society.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Family Building Society conveyancing panel. My lawyer has said that they are on the Family Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Family Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Family Building Society solicitor panel.
What happens if my lawyer’s firm is removed from the Family Building Society Solicitor panel before the moving date as agreed at exchange of contracts?
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.
In what circumstances might Family Building Society amend or withdraw their mortgage offer?
Banks and Building Societies such as Family Building Society can revoke their mortgage offer although this is unusual. If Family Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Family Building Society may amend or withdraw an offer if the Family Building Society conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- Many mortgage offers have an expiry date. Your lawyer should check this. Family Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Family Building Society conveyancing panel complaints department or do I complain directly to the law firm?
Complaining to Family Building Society about their conveyancing panel is unlikely to yield much of a response. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
Family 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 Family Building Society or your broker and complete any relevant paperwork. Family Building Society will tell you what documents they want. Family 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. Family 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.
