Common questions asked concerning the Swansea Building Society Conveyancing Panel from members of the public
For what reasons would a firm of solicitors be removed from the Swansea Building Society approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Swansea Building Society
Much to my surprise my property lawyer has informed me that he requires ID documents stating that this is part of his obligations as a conveyancer on the Swansea Building Society Solicitor panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Swansea Building Society your lawyer also has to check ID documents to satisfy Swansea Building Society
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Swansea Building Society conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
The solicitors that I appointed last week on my purchase in Newcastle has suddenly shut down. They were on acting for me because I needed a solicitor on the Swansea Building Society conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Swansea Building Society conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
Can you point me to a directory of Swansea Building Society panel conveyancers on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Swansea Building Society be concerned
As you are obtaining a mortgage with Swansea Building Society your lawyer must to check the Swansea Building Society conveyancing instructions contained in the Part of CML Handbook for Swansea Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Swansea Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
What are the common reasons for a lender such as Swansea Building Society to withdraw a mortgage offer?
Banks and Building Societies such as Swansea Building Society can withdraw their mortgage offer although this is unusual. In the unlikely event that Swansea Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
- Where information comes to Swansea Building Society ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the Lender’s right to possession is fettered in some way
- 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;