COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the Council of Mortgage Lenders and PI insurers. COMPLETIONmonitor is a unique risk mitigation tool.
This software optimises the way you can prove to lender panels that you are, and can remain fully compliant with their requirements, with alerts on Family Building Society’s changes. Even though utilising this technology is not a prerequisite for Family Building Society , demonstrating you can remain up to date with Family Building Society’s Handbook requirements is an excellent support to your application to their lender panel and, just as importantly, safeguard your firm’s panel status.
COMPLETIONmonitor creates real-time alerts, automatically produces compliance and CQS reports, and will enhance your firm's efficiency. In addition it is user friendly, cost-effective and, for many firms, results in reduced PII premiums.
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Banks and building societies often change their requirements. The UK Finance Lenders’ Handbook requirements from Family Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:
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Q and A’s regarding the Family Building Society Conveyancing Panel
from members of the public
I am selling my house and the EA has just texted me to say that the buyers are switching conveyancer. The reason given is that Family Building Society will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our grandson is buying a newly built flat with a mortgage from Family Building Society. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Family Building Society conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Family Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your search tool for the Family Building Society conveyancing panel? Do Family Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Family Building Society conveyancing panel as opposed to being supplied with a list from Family Building Society directly.
I am purchasing a right to buy flat and getting a mortgage with Family Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Family Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Family Building Society conveyancing panel in your location.
Are all solicitor firms on the Family Building Society conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Family Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Family Building Society conveyancing panel requirements are different to Family Building Society’s conveyancing panel criteria.
I am currently in the process of buying my council flat. I have a mortgage agreed with Family Building Society. Conveyancing is not something I have any knowledge of. 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 Family Building Society you will need to appoint a solicitor on the Family Building Society conveyancing panel.
