FAQs for the Saffron Building Society Solicitor Panel from members of the public
My fiance and I are first time buyers. Within the 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Saffron Building Society have this afternoon contacted us to advise us that they have now hit a problem as our lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitors should contact Saffron Building Society and see if they can apply for membership of the Saffron Building Society conveyancing panel, but if that is not viable Saffron Building Society will instruct their own solicitors to act. You don't have to instruct a firm on the Saffron Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am due to complete my purchase next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Saffron Building Society. What does the insurance need to cover?
All property lawyers on the Saffron Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Saffron Building Society’s Part 2 requirements of the CML Handbook (last updated on Saffron Building Society). Being on the Saffron Building Society conveyancing panel your lawyer is expect to follow these instructions.
Is it necessary during the course of the conveyancing process to attend the offices of the Saffron Building Society conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Manchester
so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Saffron Building Society undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
The firm that just started acting on my purchase in London has without warning shut down. I chose them because I needed a lawyer on the Saffron Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know 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 assist
My fiance and I are spending time viewing flats and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage with Saffron Building Society
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Saffron Building Society , make sure you remember to check that your lawyer is on the Saffron Building Society conveyancing panel.
My existing mortgage is with Saffron Building Society. My father retired last week and wants to pay off the mortgage left on the property. After Saffron Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Saffron Building Society conveyancing panel? I do not intend to live at the property once the Saffron Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Saffron Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
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 in the pipeline. 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.
