Q and A’s regarding the Ipswich Building Society Conveyancing Panel from members of the public
I appointed a law firm to work on my house purchase 5 weeks ago having applied for a mortgage with Ipswich Building Society. The solicitors confirmed to me that they are on Ipswich Building Society conveyancing panel and advised me their panel number. Ipswich Building Society then told me that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor currently on the conveyancing panel for Ipswich Building Society?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Ipswich Building Society as to the time frame to get your lawyer reinstated on the panel once again.
We are only a couple days away from an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Ipswich Building Society. Apparently, being on the Ipswich Building Society conveyancing panel and acting on their behalf he must inform Ipswich Building Society if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Ipswich Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Ipswich Building Society if you agree, failing which, your lawyer must cease to continue acting.
I am buying a flat and need a conveyancing solicitor in Manchester who is on the Ipswich Building Society approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Ipswich Building Society . We don’t recommend any particular firm.
I am considering applying for a Ipswich Building Society mortgage for purchase of a new build (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Ipswich Building Society?
There is nothing to stop you using your solicitor but Ipswich Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is there a list of Ipswich Building Society panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Planning on purchasing a house with a mortgage with Ipswich Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Ipswich Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Ipswich Building Society conveyancing panel
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 in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage 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.