Q and A’s regarding the Swansea Building Society Conveyancing Panel
from members of the public
My partner and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Swansea Building Society have this afternoon contacted us to inform me that they have now hit a problem as our solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Swansea Building Society and see if they can apply for membership of the Swansea Building Society conveyancing panel, but if that is not viable Swansea Building Society will instruct their own solicitors to act. You don't have to instruct a firm on the Swansea Building Society conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Expecting to move into my new home next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Swansea Building Society. What risks do Swansea Building Society expect the insurance to cover?
All property lawyers on the Swansea Building Society conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Swansea Building Society’s Part 2 requirements of the CML Handbook (last updated on Swansea Building Society). Being on the Swansea Building Society conveyancing panel your lawyer is expect to follow these instructions.
How up to date is your search tool for the Swansea Building Society conveyancing panel? Do Swansea Building Society send you an updated list?
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.
We're in Liverpool, FTBs purchasing with a mortgage (lender is Swansea Building Society , but our solicitor 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
We are getting a further advance on our mortgage from Swansea Building Society as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Swansea Building Society conveyancing panel to deal with the legals?
Swansea Building Society do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Swansea Building Society panel
Last month we had a mortgage agreed in principle with Swansea Building Society. Solicitors have been chosen? How long does it take for Swansea Building Society to send the offer to our conveyancer
Some lenders take longer than others. Have Swansea Building Society completed the valuation? Have you advised Swansea Building Society as your lawyers details and checked that your lawyer is on the Swansea Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Swansea Building Society. Is it possible to avoid using solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Swansea Building Society involved you will need to appoint a solicitor on the Swansea Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Swansea Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Swansea Building Society conveyancing panel.