Frequently asked questions relating to the Suffolk Building Society Conveyancing Panel from members of the public
Is there a reason why all solicitors aren't included on the Suffolk Building Society Solicitor panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
My partner and I intend to remortgage our apartment with Suffolk Building Society. We have a son 19 who lives with us. The solicitor on the Suffolk Building Society conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the Suffolk Building Society conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Suffolk Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Suffolk Building Society .This is solely used to protect the Suffolk Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Suffolk Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the Suffolk Building Society conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Suffolk Building Society conveyancing panel as opposed to being supplied with a list from Suffolk Building Society directly.
I am trying to get my ex-husband removed the mortgage deeds. Can Suffolk Building Society really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Suffolk Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Suffolk Building Society solicitors panel
We were going to get a DIP from Suffolk Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Suffolk Building Society recommend a solicitor on the Suffolk Building Society 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 Suffolk Building Society conveyancing panel. The solicitor represents both you and the Suffolk Building Society through the process.
For 5 years I had a mortgage with Suffolk Building Society. My father retired last week and wants to pay off the mortgage left on the property. After Suffolk 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 Suffolk Building Society conveyancing panel? I do not intend to live at the property once the Suffolk Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Suffolk 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. There's no capital gains tax for you as it is
your main residence.
Suffolk Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Suffolk Building Society or your broker and complete any relevant paperwork. Suffolk Building Society will tell you what documents they want. Suffolk Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Suffolk Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.