Frequently asked questions relating to the Family Building Society Conveyancing Panel
from members of the public
I am expecting a offer of a mortgage from Family Building Society. my intention is to employ the services of a Licensed Conveyancer. Does the Family Building Society Solicitor panel allow for Licensed Conveyancers
Family Building Society’s approved solicitor list is, like many other lenders represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My solicitor has uncovered an inconsistency between the information in Family Building Society’s home valuation report and what is revealed within the conveyancing documents. My lawyer says that as he is on the Family Building Society conveyancing panel he must ensure that the lender is with this discrepancy and is content go ahead. Is my solicitor’s stance legitimate?
A precondition to being on the Family Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Family Building Society) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
How up to date is your database of lawyers on 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.
Can you clarify what the consequences are if my solicitor is suspended from the Family Building Society Solicitor 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 for a fee.
We are getting a further advance on our mortgage from Family Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Family Building Society conveyancing panel to deal with the legals?
Family Building Society would not normally instruct firms on their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Family Building Society panel
I'm in the throws of viewing houses and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a home loan with Family Building Society
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Family Building Society , ask your prospective lawyers check they are on the Family Building Society conveyancing panel otherwise they can't do the mortgage legal work.
We are are buying a flat in Hendon. Conveyancing solicitors in Hendon are preferred to beretained. My colleaguerecommended that we check that the property lawyer in Hendon is on the Family Building Society list of approved conveyancing firms. Is this really necessary?
Far from all Hendon conveyancing solicitors are on the Family Building Society conveyancing panel. 8 people a month use our search tool to search for a
Hendon conveyancing practitioner on the on the Family Building Society approved list of lawyers.