Family Building Society Solicitor Panel Example Support Desk Enquires
from members of the public
On what basis would a law firm be excluded from the Family Building Society solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Family Building Society
My husband and I changing mortgage lender for our apartment with Family Building Society. We have a son 18 who lives with us. The solicitor on the Family Building Society conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Family Building Society conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Family Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Family Building Society .This is solely used to protect the Family Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Family Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are there any apps to help find a local solicitor on the Family Building Society conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Family Building Society solicitor panel.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Family Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Family Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
How can we tell if a solicitor on the Family Building Society panel is any good?
obtaining recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your transaction
I have a mortgage with Family Building Society. My grandfather retired last week and wants to pay off the mortgage left on the property. After Family 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 Family Building Society conveyancing panel? I do not intend to live at the property once the Family Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Family Building Society 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.
The for formalities of my remortgage has taken place with a loan from Family Building Society. Conveyancing was satisfactory but I would like to complain about Family Building Society. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first port of call should be one of the Family Building Society branches or the Customer Services Team at Family Building Society head office. In most cases complaints to Family Building Society are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.