FAQs : The Ipswich Building Society Conveyancing Panel
from members of the public
Is there a reason why all UK lawyers are not on the Ipswich Building Society Solicitor panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My son-in-law is in the process of securing a house that has just been built with a home loan from Ipswich Building Society. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Ipswich Building Society conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Ipswich Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What tools are available to search for a local solicitor on the Ipswich Building Society conveyancing panel? I have a car and am prepared to travel up to 25 miles to meet the conveyancer.
Feel free to make use of the find a conveyancing panel search 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 was supposed to complete on my flat yesterday. My solicitor is on the Ipswich Building Society solicitors panel but has changed address 8 weeks ago and had not advised Ipswich Building Society of their new address. Ipswich Building Society has locked down the release of mortgage funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Ipswich Building Society branch or your mortgage broker to see if they can assist.
My fiance and I are at the point of looking at apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with Ipswich Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. 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.
Completion of my purchase has taken place with a loan from Ipswich Building Society. Conveyancing was of an acceptable standard but I would like to complain about Ipswich Building Society. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the Ipswich Building Society branches or the Customer Care Team at Ipswich Building Society head office. We understand that complaints to Ipswich Building Society are sorted out effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service
who will take matters further.
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.