FAQs for the Ipswich Building Society Solicitor Panel from members of the public
Much to my surprise I have been told by my mortgage broker that my lawyer is not on the Ipswich Building Society Conveyancing panel. How can I be certain that this is indeed the case?
The first thing you need to do is to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Ipswich Building Society.
My wife and I changing mortgage lender for our apartment with Ipswich Building Society. We have a son approaching twenty who lives with us. The solicitor on the Ipswich Building Society conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Ipswich Building Society conveyancing panel as he never had 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?
First, rest assured that your Ipswich 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 Ipswich Building Society .This is solely used to protect the Ipswich 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 Ipswich 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.
How do I find a local solicitor on the Ipswich Building Society conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
You can use the find a conveyancing panel tool on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Ipswich Building Society solicitor panel.
I am selling my house. Does my solicitor have to be on the Ipswich Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Ipswich Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Are all conveyancing solicitors on the Ipswich Building Society conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Ipswich Building Society conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have today made my last payment due on mortgage with Ipswich Building Society. I assume I don't need a solicitor on the Ipswich Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Ipswich Building Society mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Ipswich Building Society mortgage from the register. Ipswich Building Society,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Ipswich Building Society has sent the Land Registry the discharge electronically, and
the Ipswich Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Ipswich Building Society mortgage has been paid off.
I have a mortgage with Ipswich Building Society. My godfather retired last week and wants to pay off my mortgage. After Ipswich 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 Ipswich Building Society conveyancing panel? I do not intend to live at the property once the Ipswich Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Ipswich Building Society conveyancing 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.