Frequently asked questions relating to the Furness Building Society Solicitor Panel from members of the public
The lawyer I wanted to use for conveyancing on a purchase said he will levy higher legal fees if my lender is because of their unusual legal requirements. Am I likely to be frustrated using Furness Building Society? Is Furness Building Society conveyancing so much more difficult?
Furness Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Furness Building Society conveyancing panel. If they are not, this does add further risk of delay as Furness Building Society will appoint their own solicitors to look after their interest.
I am purchasing a brand new duplex and my solicitor is informing me that she is duty bound to reveal incentives from the developer as her firm is on the Furness Building Society conveyancing panel. I am nearing the developer’s deadline to exchange contracts and I dont want to delay matters. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to attend the offices of the Furness Building Society conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in London
so that I can attend their offices when needed.
As opposed to ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
.
What happens if my solicitor is expelled from the Furness Building Society Solicitor panel before completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My existing mortgage is with Furness Building Society. My uncle retired last week and wants to pay off the mortgage left on the property. After Furness Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Furness Building Society conveyancing panel? I do not intend to live at the property once the Furness Building Society mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Furness Building Society panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Furness Building Society are being a right pain. The solicitor who is on the Furness Building Society conveyancing panel is saying indemnity insurance will be fine but Furness Building Society are insisting on a building regulation certificate. Why do Furness Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Furness Building Society have referred the matter to their valuer. The reason why Furness Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
Me and my partner are buying a house in Hendon. Conveyancing solicitors in Hendon are about to beappointed. My friendrecommended that we check that the solicitor in Hendon is on the Furness Building Society approved list of lawyers. Is this really necessary?
A limited percentage of Hendon conveyancing firms are on the Furness Building Society conveyancing panel. Use the above search tool to find a Hendon conveyancing practitioner on the on the Furness Building Society solicitors pane.
