FAQs for the Ipswich Building Society Solicitor Panel from members of the public
My husband and I are hoping to buy a 2 bedroom flat in London with a mortgage from Ipswich Building Society. We would like to retain our lawyer but Ipswich Building Society says she’s not on their "panel". We have to appoint one of the Ipswich Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Ipswich Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Ipswich Building Society
I am buying a newly built apartment and my lawyer is telling me that she is duty bound to disclose incentives from the developer as her practice is on the Ipswich Building Society conveyancing panel. I am under pressure to exchange contracts and I would rather not prolong matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I require the services of a Ipswich Building Society panel solicitor in Stirling. Could you help me?
Unfortunately it’s not apparent why you need a Ipswich Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Ipswich Building Society to find out which solicitors in Ipswich Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am attempting to get my ex-wife removed the mortgage deeds. Can Ipswich Building Society really tell me which solicitor I can or can not use?
You can use any solicitor you like but Ipswich 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 Ipswich Building Society solicitors panel
When it comes to lenders such as Ipswich Building Society do lawyers have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I currently have a mortgage with with Ipswich Building Society. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Ipswich Building Society?
You must advise Ipswich Building Society in advance of renting your property as this is likely to be a breach of Ipswich Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Ipswich Building Society directly. It should not be necessary to do this via a Ipswich Building Society conveyancing panel firm.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Ipswich Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Ipswich Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Ipswich Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.