Furness Building Society Solicitor Panel Example Support Desk Enquires
from members of the public
My fiance and I are novices when it comes to buying a property. Within the last couple of days our lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Furness Building Society have this morning contacted us to inform me that there is now an issue as our solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your property lawyers should contact Furness Building Society and see if they can apply for membership of the Furness Building Society conveyancing panel, but if that is not viable Furness Building Society will instruct their own lawyers to represent them. You don't have to instruct a firm on the Furness Building Society conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
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 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 not just from me. I informed the bank about my parent’s contribution when I applied for the home loan 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.
I see that you have a post code search directory listing solicitors on the Furness Building Society conveyancing panel. Do firms pay you a commission if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Furness Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My aunt passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £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 possible?
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.
Last month we had a mortgage agreed in principle with Furness Building Society. Solicitors have been chosen? How long does it take for Furness Building Society to send the offer to our conveyancer
There is no definitive answer here. Have Furness Building Society conducted the valuation? Have you advised Furness Building Society as your lawyers details and checked that your lawyer is on the Furness Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I was told three weeks ago that my mortgage has been agreed
to by Furness Building Society. Is it usual for Furness Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Furness Building Society to deal with your lawyers application to be on the Furness Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
Furness Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Furness Building Society or your broker and complete any relevant paperwork. Furness Building Society will tell you what documents they want. Furness Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Furness Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.