Common questions asked concerning the Furness Building Society Conveyancing Panel from members of the public
I am in the process of selling my maisonette and the EA has just telephoned to advise that the buyers are switching solicitor. I am told that this is due to the fact that Furness Building Society will only engage with solicitors on their approved list. On what basis would a big named lender only work with specific law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, 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 as the reason 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 hearing daily from firms 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.
My solicitor has discovered a discrepancy between the information in Furness Building Society’s valuation report and what is in the conveyancing documents. My solicitor informs me that as he is on the Furness Building Society conveyancing panel he is obliged to check that the bank is happy with this discrepancy and is content go ahead. Is my solicitor’s approach correct?
A precondition to being on the Furness Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Furness 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 you.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Furness Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
We're in Wales, First timers buying with a mortgage (lender is Furness Building Society , but our lawyer is on the Furness Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Furness Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing lawyers on the Furness Building Society conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Is it the case that all conveyancing solicitors on the Furness Building Society conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Furness 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 am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Furness Building Society be concerned
As you are obtaining a mortgage with Furness Building Society your lawyer must to check the Furness Building Society conveyancing instructions contained in the Part of CML Handbook for Furness Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Furness Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
