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approved by Cumberland BS
Ready to buy a new home? Failing to check that a lawyer is on the Cumberland 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 Cumberland Building Society Conveyancing Panel? How can my firm be reinstated onto the Cumberland Building Society Conveyancing Panel?Find an Approved Solicitor on the Cumberland Building Society Conveyancing Panel
Q and A’s regarding the Cumberland Building Society Solicitor Panel
I have just been informed by my mortgage broker that my the law firm I have appointed is not on the Cumberland Building Society Conveyancing panel. What can I do to be certain that this is indeed the case?
The best course of action for you to take is to contact your conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a firm that is on the the approved Cumberland Building Society solicitor panel.
Much to my surprise my conveyancing solicitor has informed me that he requires identification documents stating that this forms part of his retainer as a conveyancer on the Cumberland Building Society Conveyancing panel. This is news to me - can I refuse?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with Cumberland Building Society your lawyer also has to check ID documents to satisfy Cumberland Building Society
I note that you have a post code search directory identifying solicitors on the Cumberland Building Society conveyancing panel. Do firms pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Cumberland Building Society conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Cumberland Building Society mortgage for purchase of a new build (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Cumberland Building Society?
There is nothing to stop you using your solicitor but Cumberland Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Are all solicitors on the Cumberland Building Society conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Cumberland Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have a mortgage with Cumberland Building Society. My father retired last week and wants to pay off the mortgage left on the property. After Cumberland Building Society is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Cumberland Building Society conveyancing panel? I do not intend to live at the property once the Cumberland Building Society mortgage is discharged.
You
will need a solicitor but they need not be on the Cumberland Building Society conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I can not work out if my mortgage offer requires a lease extension . I have called Cumberland Building Society on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Cumberland 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 Cumberland Building Society. Unless your lawyer obtains specific confirmation in writing that Cumberland 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 Cumberland Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.