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Ready to buy a new home? Failing to check that a lawyer is on the Cambridge BS list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Cambridge Building Society Conveyancing Panel
Common questions asked concerning the Cambridge Building Society Conveyancing Panel
Is the fact that my conveyancer is not on the Cambridge Building Society Conveyancing panel that there is a problem with the standard of his conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Cambridge Building Society.
My fiance and I are refinancing our apartment with Cambridge Building Society. We have a son approaching twenty who lives with us. The solicitor on the Cambridge Building Society conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Cambridge Building Society conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Cambridge Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Cambridge Building Society .This is solely used to protect the Cambridge Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Cambridge Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I have to pop into the offices of the Cambridge Building Society conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Leeds
so that I can attend their offices if required.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Leeds
.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Cambridge Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Cambridge Building Society conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
When it comes to mortgage companies such as Cambridge 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.
I have not been happy with the level or service received from my lawyer. Is there a Cambridge Building Society conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Cambridge Building Society. Every solicitor firm and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is properly dealt with by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch Cambridge Building Society on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Cambridge Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Cambridge Building Society. Unless your lawyer obtains specific confirmation in writing that Cambridge Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Cambridge Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.