Saffron Building Society Conveyancing Panel : Questions and Answers from members of the public
Am I correct in assuming that the fact that my solicitor is not isted on the Saffron Building Society Solicitor panel that there is a problem with the quality of his conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Saffron Building Society.
My god-son is about to exchange on a newly built flat with a home loan from Saffron Building Society. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Saffron Building Society conveyancing panel as a standard part of the process, and to the valuer 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 Saffron 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.
I note that you have a post code search directory listing firms on the Saffron Building Society conveyancing panel. Do firms pay you a commission if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Saffron Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Saffron Building Society Solicitor panel before the completion date?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I previously instructed online solicitors located in Bristol who are on the Saffron Building Society solicitor panel. They are now charging me a separate fee of £175 for dealing with the Saffron Building Society mortgage. Is this an additional conveyancing fee set by Saffron Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Saffron Building Society but by your lawyers. Some firms on the Saffron Building Society will charge an ‘acting for lender’ fee and others do not.
I have today made my last payment due on mortgage with Saffron Building Society. I assume I don't need a solicitor on the Saffron Building Society panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Saffron 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 Saffron Building Society mortgage from the register. Saffron 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 Saffron Building Society has sent the Land Registry the discharge electronically, and
the Saffron Building Society has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Saffron Building Society mortgage has been paid off.
At last I have had an offer on an apartment 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 do I do now? At what point should I appy for the mortgage with Saffron 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 Saffron 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 Saffron Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
