Examples of recent questions relating to the Furness Building Society Solicitor Panel from members of the public
My Solicitor has never been on on the Furness Building Society Approved Panel. Is it possible for me to use my family solicitor notwithstanding that they are excluded from the Furness Building Society approved list?
You have a number of options available to you here:
- Complete the purchase with your existing solicitors but Furness Building Society will need to instruct a lawyer on the Furness Building Society conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Furness Building Society conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Furness Building Society conveyancing panel
My fiance and I intend to remortgage our penthouse with Furness Building Society. We have a son approaching twenty who lives with us. The solicitor on the Furness Building Society conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Furness Building Society conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Furness Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Furness Building Society .This is solely used to protect the Furness Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Furness Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition 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.
I am purchasing a garden flat and getting a mortgage with Furness Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Furness Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Furness Building Society conveyancing panel in your location.
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 your lender is 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. The CML are developing guidance for Northern Ireland and Scotland.
What are the common reasons for a lender such as Furness Building Society to withdraw a mortgage offer?
Banks and Building Societies such as Furness Building Society can revoke their mortgage offer although this is unusual. In the unlikely event that Furness Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- If the financial circumstances of the borrower have changed to the detriment and the Furness Building Society has been notified
- If the borrower informs Furness Building Society of a change in the loan amount agreed
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
My offer was accepted on a house on the 5th January 2014, valuation was booked five days after, all came back fine. Conveyancer retained, so all that was missing was my mortgage offer. Having made daily calls to Furness Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Furness Building Society conveyancing panel. Are Furness Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would 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.