Family Building Society Conveyancing Panel Example Support Desk Enquires
from members of the public
I am expecting a offer of a mortgage from Family Building Society. I intend to enlist the help of a Licensed Conveyancer. Does the Family Building Society Conveyancing panel include conveyancers regulated by the CLC
Family Building Society’s approved solicitor list is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
We are getting closer to an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Family Building Society. I am advised that, being on the Family Building Society conveyancing panel and acting on their behalf he must inform Family Building Society if the balance of the mortgage advance is coming from anyone other than me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Family Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Family Building Society if you agree, failing which, your lawyer must cease to continue acting.
Do I need to have a meeting at the offices of the Family Building Society conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can pop in to their offices if necessary.
Whereas this was necessary 15 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 Liverpool
.
I am in the process of remortgaging my apartment does my lawyer need to be on the Family Building Society Conveyancing panel?
There is nothing to stop you using your solicitor but Family Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Family Building Society conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
is it true that all conveyancing solicitors on the Family Building Society conveyancing panel regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Family Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I previously instructed online conveyancers located in London who are on the Family Building Society solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Family Building Society mortgage. Is this an additional conveyancing fee specified by Family Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Family Building Society but by your lawyers. Some firms on the Family Building Society will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.