Q and A’s regarding the Suffolk Building Society Conveyancing Panel from members of the public
The solicitor my husband and I had intended to instruct on a remortgage said she will levy higher legal fees if my lender is due to their difficult processes! Am I likely to be frustrated using Suffolk Building Society? Is Suffolk Building Society conveyancing so much more difficult?
Suffolk Building Society conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Suffolk Building Society conveyancing panel. If they are not, this does add further risk of delay as Suffolk Building Society will appoint their own solicitors to look after their interest.
My lawyer has discovered an inconsistency between the information in Suffolk Building Society’s valuation survey and what is in the title deeds. My solicitor says that as he is on the Suffolk Building Society conveyancing panel he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?
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) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I need to find a Suffolk Building Society panel solicitor in Belfast. Could you help me?
It is not clear why you need a Suffolk Building Society panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Suffolk Building Society to find out which solicitors in Suffolk Building Society are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am buying a semi-detached house and getting a mortgage with Suffolk Building Society. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Suffolk Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Suffolk Building Society conveyancing panel in your location.
Is it the case that all conveyancing lawyers on the Suffolk Building Society conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
Planning on purchasing a house with a mortgage with Suffolk 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 Suffolk 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 Suffolk Building Society conveyancing panel
I had an offer accepted on a property on the 5th January 2014, valuation was booked 3 days after, received a clean bill of health. Conveyancer 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 an offer 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.