Examples of recent questions relating to the Swansea Building Society Conveyancing Panel
from members of the public
My IFA has has requested my solicitor’s panel reference for the Swansea Building Society conveyancing panel. How do I obtain this. I have called my local Swansea Building Society branch but they have not responded to me.
the sensible thing to do is ask for this information from your solicitor. They should have a central record lender panel numbers including the Swansea Building Society panel reference.
Our conveyancer has uncovered a legal deficiency with the lease for the property we are buying. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the Swansea Building Society conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Swansea Building Society?
Just because you have a mortgage offer from Swansea Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Swansea Building Society are the client. These conveyancing instructions must be adhered to by the Swansea Building Society conveyancing panel who has to balance acting for you and Swansea Building Society
Do lenders provide you with an approved list of solicitors? How do you know who is on the Swansea Building Society conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Swansea Building Society conveyancing panel as opposed to being supplied with a list from Swansea Building Society directly.
My solicitors in London have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Swansea Building Society. Is it case that being on the Swansea Building Society conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Swansea Building Society Conveyancing Panel Terms. It might be worth you contacting Swansea Building Society directly.
When it comes to lenders such as Swansea Building Society do solicitors have to be pay a fee to be on the list of approved solicitors?
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.
is it true that all solicitor practices on the Swansea Building Society conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Swansea Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have a mortgage with Swansea Building Society. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Swansea Building Society?
You must advise Swansea Building Society prior to letting out your property as this is likely to be a breach of Swansea Building Society’s mortgage conditions. It may be that Swansea Building Society will allow you to rent 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 Swansea Building Society directly. You need not do this via a Swansea Building Society conveyancing panel solicitor.