Q and A’s regarding the Swansea Building Society Solicitor Panel from members of the public
We are purchasing a 3 bedroom flat in Newcastle with a mortgage from Swansea Building Society. We would like to retain our lawyer but Swansea Building Society says she’s not on their "panel". We have to appoint one of the Swansea Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Swansea Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Swansea Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Swansea Building Society
We are only a couple days away from an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Swansea Building Society. Apparently, being on the Swansea Building Society conveyancing panel and acting on their behalf he must inform Swansea Building Society if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Swansea Building Society to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Swansea Building Society if you agree, failing which, your lawyer must cease to continue acting.
Whilst your website is a good idea there are many lawyers listed near London on the Swansea Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Swansea Building Society approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
We're in Wales, First time buyers buying with a mortgage (lender is Swansea Building Society , but our lawyer is on the Swansea Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Swansea Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all Conveyancing Quality Solicitors on the Swansea Building Society conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Intending to buy a flat with a mortgage with Swansea 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 Swansea 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 Swansea Building Society conveyancing panel
Swansea 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 Swansea Building Society or your broker and complete any relevant paperwork. Swansea Building Society will tell you what documents they want. Swansea 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. Swansea 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.
