Frequently asked questions relating to the Furness Building Society Solicitor Panel from members of the public
Can you please explain the reason why all solicitors aren't included on the Furness Building Society Solicitor panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
We are nearing an exchange and my parents 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 Furness Building Society. Apparently, being on the Furness Building Society conveyancing panel and acting on their behalf he must inform Furness Building Society if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Furness 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 Furness Building Society if you agree, failing which, your lawyer must cease to continue acting.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Furness Building Society conveyancing panel. My lawyer has said that they are on the Furness 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 Furness 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 Furness Building Society solicitor panel.
My aunt passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Furness Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Furness Building Society will insist on your using a conveyancer on the Furness Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Furness Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Furness Building Society mortgage is registered as a charge at the Land Registry.
How can we tell if a solicitor on the Furness Building Society panel is any good?
Getting recommendations is a sensible start. 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 suggest that you speak with the lawyer conducting your conveyancing
I am currently in the process of buying my council flat. I have a mortgage agreed with Furness 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 Furness Building Society you will need to appoint a solicitor on the Furness Building Society conveyancing panel.
The mortgage over my property is with Furness Building Society. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Furness Building Society?
Furness Building Society must be informed of your intention in advance of renting your property as this is likely to be a breach of Furness Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Furness Building Society directly. It should not be necessary to do this via a Furness Building Society conveyancing panel solicitor.