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Ready to buy a new home? Failing to check that a lawyer is on the Beverley BS list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the Beverley Building Society Conveyancing Panel? How can my firm be reinstated onto the Beverley Building Society Conveyancing Panel?Find an Approved Solicitor on the Beverley Building Society Conveyancing Panel
Beverley Building Society Conveyancing Panel Example Support Desk Enquires
I would like to know the reason why all property lawyers are not on the Beverley Building Society Solicitor panel?
Even though it may seem unfair for Beverley Building Society to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern Beverley Building Society have restricted their panel of approved conveyancing lawyers to a size that they are happy to control. The Beverley Building Society solicitor panel is not the most restricted
Can you help?. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Beverley Building Society was dated random date and we have agreed a date for me to move into the property on 6. My lawyer has advised that as she is on the Beverley Building Society conveyancing panel she needs to redo the searches as they are now out of date.
One of the many conditions to being on the Beverley Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Beverley Building Society)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Beverley Building Society.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Beverley Building Society solicitor 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 London has suddenly closed. They were on acting for me because I had to have a lawyer on the Beverley Building Society conveyancing panel and my preferred lawyer was not. I paid them £200 on account. What do I do now?
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 the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Beverley 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 help
Are all Conveyancing Quality Solicitors on the Beverley Building Society conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is 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 approved list of firms.
What are the common reasons for a lender such as Beverley Building Society to withdraw a mortgage offer?
Banks and Building Societies such as Beverley Building Society can revoke their mortgage offer although this is unusual. If Beverley Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- If the borrower informs Beverley Building Society of a change in security address
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Beverley Building Society conveyancing panel solicitors would be obliged to notify Beverley Building Society of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the solicitor on the Beverley Building Society conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Beverley Building Society ‘s instructions
My ex -wife’s name is on the Beverley Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Beverley Building Society mortgage in order to sell?
In terms of the Beverley Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Beverley Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.