Frequently asked questions relating to the The Chorley & District Building Society Conveyancing Panel from members of the public
Can you please explain the reason why all UK lawyers aren't included on the The Chorley & District Building Society Conveyancing panel?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
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 disclose this to my lender The Chorley & District Building Society. Apparently, being on the The Chorley & District Building Society conveyancing panel and acting on their behalf he must inform The Chorley & District 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 The Chorley & District 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 The Chorley & District Building Society if you agree, failing which, your lawyer must cease to continue acting.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the The Chorley & District Building Society conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
My solicitors in Leeds have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with The Chorley & District Building Society. Is it case that being on the The Chorley & District 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 The Chorley & District Building Society Conveyancing Panel Terms. It might be worth you contacting The Chorley & District Building Society directly.
When it comes to mortgage companies such as The Chorley & District Building Society do lawyers 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.
The for formalities of my remortgage has taken place with a loan from The Chorley & District Building Society. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about The Chorley & District Building Society. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the The Chorley & District Building Society branches or the Customer Care Department at The Chorley & District Building Society head office. In most cases complaints to The Chorley & District Building Society are resolved very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with The Chorley & District Building Society?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the The Chorley & District Building Society conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with The Chorley & District Building Society and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
