Saffron Building Society Conveyancing Panel Recently Asked Questions from members of the public
I am expecting a mortgage with Saffron Building Society. I would like to instruct a Licensed Conveyancer. Does the Saffron Building Society Conveyancing panel include Licensed Conveyancers
Saffron Building Society’s conveyancing panel is, like many other lenders represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My god-son is purchasing a new build apartment with a mortgage from Saffron Building Society. His lawyer has advised him of 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 engaged in the transaction. 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 have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Saffron Building Society conveyancing panel. My lawyer has said that they are on the Saffron Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Saffron Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Saffron Building Society solicitor panel.
The lawyers that I appointed last week on my house acquisition in Manchester has without warning closed. I chose them because I needed a lawyer on the Saffron Building Society conveyancing panel and my family lawyer was not. I paid them £200 on account. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Saffron Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
We have a mortgage agreed in principle with Saffron Building Society. Solicitors have been chosen? What is the average time that one could expect to receive a mortgage offer from Saffron Building Society?
There is no definitive answer here. Have Saffron Building Society done the valuation? Have you advised Saffron Building Society as your lawyers details and checked that your lawyer is on the Saffron Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I currently have a mortgage with with Saffron Building Society. Conveyancing has been completed 12 months ago. If I am intending 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 Saffron Building Society?
Your original mortgage agreement with Saffron Building Society will provide that you need their approval prior to renting your property as this is likely to be a breach of Saffron Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Saffron Building Society directly. It should not be necessary to do this via a Saffron Building Society conveyancing panel lawyer.
Intending to buy a house with a mortgage with Saffron 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 Saffron 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 Saffron Building Society conveyancing panel