FAQs : The Suffolk Building Society Solicitor Panel
from members of the public
I have just been informed by my broker that my lawyer is not on the Suffolk Building Society Conveyancing panel. What can I do to check?
You need to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the the approved Suffolk Building Society solicitor panel.
I am buying a newly built apartment and my lawyer is telling me that she has to reveal incentives from the builder as her firm is on the Suffolk Building Society conveyancing panel. I am under pressure to exchange contracts and I dont want to prolong the conveyancing. Can I insist on an exchange regardless of what my lawyer says about being on the Suffolk Building Society panel?
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.
How up to date is your search tool for the Suffolk Building Society conveyancing panel? Do Suffolk Building Society send you an updated list?
The firms 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 selling my house. Does my solicitor have to be on the Suffolk Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Suffolk Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
When it comes to lenders such as Suffolk Building Society do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
What are the common reasons for a lender such as Suffolk Building Society to withdraw a mortgage offer?
Lenders such as Suffolk Building Society can revoke their mortgage offer although this rarely happens. If Suffolk Building Society withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
-
Many mortgage offers have an expiry date. Your lawyer should check this. Suffolk Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
-
Where the lender has to take account a recent change in law
-
Where the sale is not at arms length for value to unconnected persons
-
If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
-
If the solicitor on the Suffolk Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Suffolk Building Society ‘s instructions
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.