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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.
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How does my firm apply to be on the Cambridge Building Society Conveyancing Panel? How can my firm be reinstated onto the Cambridge Building Society Conveyancing Panel?Find an Approved Solicitor on the Cambridge Building Society Conveyancing Panel
Cambridge Building Society Conveyancing Panel Recently Asked Questions
Is there a reason why all UK lawyers aren't included on the Cambridge Building Society Solicitor panel?
Even though it may seem unfair for Cambridge 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 Cambridge Building Society have restricted their conveyancing panel to a manageable size. The Cambridge Building Society lawyer panel is not the most exclusive of all lenders
I do hope you can help me. My conveyancer is assuring me that he is legally obliged to order a Local Authority search stemming from the fact that the firm are on the Cambridge Building Society solicitor panel. Do I not have a choice here?
You have limited options available to you. As you are taking a mortgage with Cambridge Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Cambridge Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Cambridge Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I note that you have a post code search directory identifying law firms on the Cambridge Building Society conveyancing panel. Do firms pay you a referral fee if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Cambridge Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I was scheduled to move into my flat last Thursday. My solicitor is on the Cambridge Building Society solicitors panel but has changed address in the past couple of months and had not informed Cambridge Building Society of their new address. Cambridge Building Society has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Cambridge Building Society branch or your mortgage broker to see if they can assist.
Last month we had a mortgage agreed in principle with Cambridge Building Society. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Cambridge Building Society?
Some lenders take longer than others. Have Cambridge Building Society done the survey? Have you advised Cambridge Building Society as your lawyers details and checked that your lawyer is on the Cambridge Building Society conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
Why might a lender such as Cambridge Building Society withdraw a mortgage offer?
Lenders such as Cambridge Building Society can revoke their mortgage offer although this is unusual. If Cambridge 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 a few examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Cambridge Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where to proceed with the Mortgage offer would be unlawful
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
After shopping around on the internet I have found a solicitor having checked that they are on the Cambridge Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
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I've digested plenty of house buying,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the Cambridge Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Cambridge Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Cambridge Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Cambridge Building Society you could contact your them to see if they have a list of approved surveyors.