FAQs for the Sainsburys Bank Conveyancing Panel from members of the public
My IFA has asked me for my solicitor’s panel member for the Sainsburys Bank conveyancing panel. Can you suggest how I discover this. I have tried my local Sainsburys Bank office but they cant find it on their system.
the sensible thing to do is ask for this information from your solicitor. A law firm is likely to keep a file or database of lender panel information which would include, if applicable their conveyancing panel details for Sainsburys Bank.
Our lawyer has discovered a defect with the lease for the flat we are buying. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that as he is on the Sainsburys Bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or Sainsburys Bank?
Just because you have a mortgage offer from Sainsburys Bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Sainsburys Bank are the client. These conveyancing instructions must be adhered to by the Sainsburys Bank conveyancing panel who has to balance acting for you and Sainsburys Bank
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the Sainsburys Bank conveyancing panel?
The firms themselves provide us confirmation that they are on the Sainsburys Bank conveyancing panel as opposed to being supplied with a list from Sainsburys Bank directly.
My grandmother passed away 10 months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Sainsburys Bank , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Sainsburys Bank will insist on your using a conveyancer on the Sainsburys Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Sainsburys Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Sainsburys Bank mortgage is registered as a charge at the Land Registry.
We expect to receive a DIP from Sainsburys Bank this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Sainsburys Bank recommend a solicitor on the Sainsburys Bank conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Sainsburys Bank conveyancing panel. The solicitor represents both you and the Sainsburys Bank through the process.
It is not clear whether my mortgage offer requires a lease extension . I have called Sainsburys Bank on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Sainsburys Bank conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Sainsburys Bank panel she or he must comply with the CML Handbook requirements for Sainsburys Bank. Unless your lawyer obtains specific confirmation in writing that Sainsburys Bank will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Sainsburys Bank to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I have instructed a lawyer having checked that they are on the Sainsburys Bank conveyancing panel. Does my lawyer arrange the survey of the property?
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Having digested plenty of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Sainsburys Bank conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Sainsburys Bank will need an independent valuation of the property. Your lawyer will not arrange this. Usually Sainsburys Bank will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Sainsburys Bank you could contact your them to see if they have a list of approved surveyors.