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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
Common questions asked concerning the Cambridge Building Society Solicitor Panel
I appointed a solicitor to carry out on my purchase 4 weeks ago having applied for a mortgage with Cambridge Building Society. The solicitors reassured me that they are on Cambridge Building Society conveyancing panel and advised me their panel number. Cambridge Building Society then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the approved panel for Cambridge Building Society?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Cambridge Building Society conveyancing panel You may wish to enlist the help of your broker to check with the Cambridge Building Society as to the time frame to get your lawyer reinstated on the panel once again.
Our solicitor has uncovered a legal deficiency with the lease for the apartment we are buying. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the Cambridge Building Society conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or Cambridge Building Society?
Just because you have a mortgage offer from Cambridge Building Society does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Cambridge Building Society are the client. The appropriate lender requirements must be adhered to by the Cambridge Building Society conveyancing panel who has to balance acting for you and Cambridge Building Society
I am looking for competitive conveyancing fees. Can I be assured that all the firms that are listed on your site are on the Cambridge Building Society conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the Cambridge Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Cambridge Building Society panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Cambridge Building Society conveyancing panel is incorrect.
What happens if my solicitor is suspended from the Cambridge Building Society Solicitor panel prior to completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to lenders such as Cambridge Building Society do lawyers have to be pay a fee to be on the conveyancing panel?
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'm in the throws of looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage with Cambridge Building Society
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Cambridge Building Society , ask your prospective lawyers check they are on the Cambridge Building Society conveyancing panel otherwise they can't do the mortgage legal work.
I am currently in the process of buying my council flat. I have a mortgage offer with Cambridge Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Cambridge Building Society you will need to appoint a solicitor on the Cambridge Building Society conveyancing panel.