Ipswich Building Society Conveyancing Panel Recently Asked Questions from members of the public
I am progressing with the sale of my maisonette and the estate agent has just e-mailed to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that Ipswich Building Society will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain law firms?
Lenders have always had an approved set 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.
Banks blame a rise in fraud as the reason 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Ipswich Building Society will not agree to this. Why was Ipswich Building Society even consulted?
Your lawyer being on the Ipswich Building Society conveyancing panel is duty bound to inform Ipswich Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Ipswich Building Society then they would have to discontinue acting for you and Ipswich Building Society.
I am looking for online conveyancing estimates. Can I be sure that all the law firms that are listed on your website are on the Ipswich Building Society conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Ipswich Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Ipswich Building Society panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Ipswich Building Society conveyancing panel is incorrect.
My solicitors in Liverpool have advised me that no longer have 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.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to move forward? I hope to get a mortgage with Ipswich Building Society. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Ipswich Building Society involved you will need to appoint a solicitor on the Ipswich Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Ipswich Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Ipswich Building Society conveyancing panel.
I have paid off my 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.
My brother and I are acquiring a house in Hendon. Conveyancing solicitors in Hendon are preferred to begiven the go-ahead. My colleagueadvised that we enquire that the conveyancer in Hendon is on the Ipswich Building Society list of approved conveyancing firms. Surely I don't need to do this, do I?
Far from all Hendon conveyancing practices are on the Ipswich Building Society conveyancing panel. 7 people a month use our search tool to locate a Hendon conveyancing firm on the on the Ipswich Building Society panel.
