FAQs for the Ipswich Building Society Solicitor Panel
from members of the public
Is the fact that my solicitor is not isted on the Ipswich Building Society Conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Ipswich Building Society.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Ipswich Building Society will not agree to this. Why was Ipswich Building Society even consulted?
Your lawyer being on the Ipswich Building Society conveyancing panel is duty bound to inform Ipswich Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Ipswich Building Society then they would have to discontinue acting for you and Ipswich Building Society.
I have been searching for conveyancing quotes online. Can I be sure that all the firms that are listed on your site are on the Ipswich Building Society conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the Ipswich Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Ipswich Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Ipswich Building Society conveyancing panel is incorrect.
My grandmother passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Ipswich Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Ipswich Building Society will insist on your using a conveyancer on the Ipswich 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 Ipswich 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 Ipswich Building Society mortgage is registered as a charge at the Land Registry.
I am due to exchange contracts on my flat. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Ipswich Building Society are being pedantic. The solicitor who is on the Ipswich Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Ipswich Building Society are requiring a building regulation certificate. Why do Ipswich Building Society have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Ipswich Building Society have referred the matter to their valuer. The reason why Ipswich 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.
I was told four weeks ago that my mortgage has been agreed
to by Ipswich Building Society. Is it usual for Ipswich Building Society to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Ipswich Building Society to deal with your lawyers application to be on the Ipswich Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.
Ipswich 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 Ipswich Building Society or your broker and complete any relevant paperwork. Ipswich Building Society will tell you what documents they want. Ipswich 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. Ipswich 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.