FAQs : The Suffolk Building Society Conveyancing Panel
from members of the public
My financial adviser has asked me for my lawyer’ panel member for the Suffolk Building Society conveyancing panel. What is the best way to find this out. I have e-mailed my local Suffolk Building Society office but they don't know it.
the sensible thing to do is ask for this information from your solicitor. They should have a central record lender panel numbers including the Suffolk Building Society panel reference.
I am purchasing a brand new duplex and my conveyancer is advising me that she has to reveal incentives from the seller as her firm is on the Suffolk Building Society conveyancing panel. I am on a tight deadline to exchange and I dont want to delay deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Suffolk Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Suffolk 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.
I note that you have a search directory listing law firms on the Suffolk Building Society conveyancing panel. Do firms pay you a referral fee if I instruct them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Suffolk Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Suffolk Building Society mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Suffolk Building Society?
In theory, you could use a solicitor that is not on Suffolk Building Society conveyancing panel, but Suffolk Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How can we tell if a solicitor on the Suffolk Building Society panel is any good?
seeking recommendations is a sensible start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your conveyancing
I currently have a mortgage with with Suffolk Building Society. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Suffolk Building Society?
Suffolk Building Society must be informed of your intention before letting out your property as this is likely to be a breach of Suffolk Building Society’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Suffolk Building Society directly. It should not be necessary to do this via a Suffolk Building Society conveyancing panel solicitor.
I had an offer accepted on a house on the 17th March 2014, valuation was booked five days later, all came back fine. Solicitor appointed, so all that was missing was my mortgage offer. Having made daily calls to Suffolk Building Society and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Suffolk Building Society conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Suffolk Building Society to deal with your lawyers application to be on the Suffolk Building Society conveyancing panel. There's no guarantee that your solicitors will be accepted.