Furness Building Society Conveyancing Lender Panel Compliance Tool

COMPLETIONmonitor is an online pre- and post-completion checklist for residential conveyancing lawyers. Supported by the CML and PI insurers such as AmTrust. It is a unique risk management tool.

This system assists the way you can demonstrate to lender panels that you are, and can remain fully compliant with their instructions, with notifications given on Furness Building Society’s changes. While using COMPLETIONmonitor is not a condition for acceptance on the Furness Building Society panel, demonstrating you can remain up to date with Furness Building Society’s Handbook requirements is an excellent support to your application to their lender panel and, more importantly, safeguard your firm’s panel standing.

The system creates real-time alerts, automatically produces regulatory and CQS reports, and will enhance your firm's efficiency. In addition it is simply to use, cost-effective and, for many firms, results in a PII saving.

Find a Law Firm approved by Furness Building Society

Mortgage companies frequently change their requirements. The UK Finance Lenders’ Handbook requirements from Furness Building Society are not guidelines, they are instructions from a client. As with many clients, instructions can change - and they do change, frequently:

A Timeline of Policy Changes

Since 2008, Furness Building Society has made 160 revisions or additions to sections of their version of the CML Handbook.
That equates to a section change every 17.1 days. In total, 43% of the sections of P2 of the UK Finance Lenders’ Handbook for Furness Building Society have been changed since 15/12/2008.

To find out more about lender panel compliance,

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Recent Changes Include

# Date Assoc. Changes Related To
6.7.1 15/05/2017 CML
6.14.1b 01/12/2014 CML
3.1.5 01/12/2014 CML
1.14 01/12/2010 CML
17.1.1 01/12/2010 CML
3.1.5 01/12/2010 CML
5.10.1 01/12/2010 CML
6.13.1 01/12/2010 CML
6.6.1 01/12/2010 CML
7.4 01/12/2010 CML

Last update 18/01/2020

Furness Building Society Conveyancing Panel Recently Asked Questions from members of the public

My property lawyer is not listed on the Furness Building Society Approved Panel. Can I still use my family solicitor even though they are not on the Furness Building Society approved list?
You will need to have a conveyancer complete the legal work required when you take out a Furness Building Society mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Furness Building Society conveyancing panel additional costs will be incurred as separate legal representation will be required by Furness Building Society. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
We are approaching an exchange and my mum and dad having sent 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 disclosed to 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.
How up to date is your search tool for the Furness Building Society conveyancing panel? Do Furness Building Society send you an updated list?
The firms themselves provide us confirmation that they are on the Furness Building Society conveyancing panel as opposed to being supplied with a list from Furness Building Society directly.
My lawyers in Birmingham have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Furness Building Society. Is it case that being on the Furness Building Society conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Furness Building Society Conveyancing Panel Terms. It might be worth you contacting Furness Building Society directly.
When it comes to lenders such as Furness Building Society do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My husband and I are in the throws of viewing flats and now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Furness 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 Furness Building Society , ask your prospective lawyers check they are on the Furness Building Society conveyancing panel otherwise they can't do the mortgage legal work.
After much negotiation I have agreed a price on an apartment. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Furness Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Furness Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.