Examples of recent questions relating to the Stafford Railway Building Society Solicitor Panel from members of the public
I am selling my apartment and the estate agent has just telephoned to advise that the purchasers are swapping law firm. The excuse is that Stafford Railway Building Society will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with specific solicitors?
UK lenders have always had panels 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 more than 15 years.
Lenders 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.
I am purchasing a new build flat and my conveyancer is advising me that she has to disclose incentives from the builder as her practice is on the Stafford Railway Building Society conveyancing panel. The Estate Agents are hassling me to exchange contracts and I dont want to delay deal. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Stafford Railway Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Stafford Railway Building Society). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do all the firms listed on your search have online case tracking as I understood that this was a condition of being on the Stafford Railway Building Society solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I was expecting to complete on my first house last Thursday. My solicitor is on the Stafford Railway Building Society conveyancing panel but has changed address 8 weeks ago and had not advised Stafford Railway Building Society of their new address. Stafford Railway Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Stafford Railway Building Society branch or your mortgage broker to see if they can help.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Stafford Railway Building Society be concerned
As your lender is Stafford Railway Building Society your lawyer must to check the Stafford Railway Building Society conveyancing instructions contained in the Part of CML Handbook for Stafford Railway Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Stafford Railway Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
Completion of my purchase has taken place with a loan from Stafford Railway Building Society. Conveyancing was satisfactory but I feel I should register my dissatisfaction about Stafford Railway Building Society. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the Stafford Railway Building Society branches or the Customer Care Department at Stafford Railway Building Society head office. We understand that complaints to Stafford Railway Building Society are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Planning on purchasing a house with a mortgage with Stafford Railway 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 Stafford Railway 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 Stafford Railway Building Society conveyancing panel
