Frequently asked questions relating to the Ipswich Building Society Solicitor Panel from members of the public
I am progressing with the sale of my apartment and the EA has just e-mailed to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that Ipswich Building Society will only work with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific lawyers?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders 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 hearing daily from firms 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.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Ipswich Building Society was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor says that as she is on the Ipswich Building Society conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Ipswich Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Ipswich Building Society)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Ipswich Building Society.
Do I need to visit the offices of the Ipswich Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in London
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Ipswich Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
My lawyers in Manchester have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Ipswich Building Society. Is it case that being on the Ipswich Building Society conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Ipswich Building Society Conveyancing Panel Terms. It might be worth you contacting Ipswich Building Society directly.
My husband and I are spending time looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Ipswich Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Ipswich Building Society , make sure you remember to check that your lawyer is on the Ipswich Building Society conveyancing panel.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Ipswich Building Society. Conveyancing is new to me. 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 Ipswich Building Society you will need to appoint a solicitor on the Ipswich Building Society conveyancing panel.
My ex -wife’s name is on the Ipswich 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 Ipswich Building Society mortgage in order to sell?
In terms of the Ipswich 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 Ipswich 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.