Frequently asked questions relating to the Furness Building Society Solicitor Panel from members of the public
I am in the process of selling my house and the estate agent has just texted me to advise that the purchasers are changing their property lawyer. The reason given is that Furness Building Society will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with certain law firms?
Mortgage companies 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 by way of justification 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 being contacted daily by practices 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 partner and I changing mortgage lender for 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 anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Furness Building Society conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong 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.
I am looking for online conveyancing estimates. Can I be sure that all the law firms that are identified on your website are on the Furness Building Society conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Furness Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Furness Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Furness Building Society conveyancing panel is incorrect.
I am attempting to get my ex-wife taken off the mortgage deeds. Can Furness Building Society really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Furness Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Furness Building Society solicitors panel
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Furness Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Furness Building Society you will need to appoint a solicitor on the Furness Building Society conveyancing panel.
I have instructed a lawyer having checked that they are on the Furness Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Furness Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Furness Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Furness Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Furness Building Society you could contact your them to see if they have a list of approved surveyors.
My ex -wife’s name is on the Furness Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Furness Building Society mortgage in order to sell?
As regards the Furness Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Furness Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.