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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
Frequently asked questions relating to the Cumberland Building Society Conveyancing Panel
Can you please explain the reason why all property lawyers aren't included on the Cumberland Building Society Conveyancing panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Our solicitor has uncovered a problem with the lease for the apartment we are buying. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the Cumberland Building Society conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or Cumberland Building Society?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Cumberland Building Society are the client. A precondition to being on the Cumberland Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Cumberland Building Society). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Cumberland Building Society can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Cumberland Building Society conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Cumberland Building Society conveyancing panel as opposed to being supplied with a list from Cumberland Building Society directly.
We're in Birmingham, First time buyers buying with a mortgage (lender is Cumberland Building Society , but our lawyer is on the Cumberland Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Cumberland Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Cumberland Building Society. Is it possible to avoid using solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Cumberland Building Society involved you will need to appoint a solicitor on the Cumberland Building Society conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Cumberland Building Society. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Cumberland Building Society conveyancing panel.
Cumberland Building Society have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Cumberland Building Society or your broker and complete any relevant paperwork. Cumberland Building Society will tell you what documents they want. Cumberland Building Society will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Cumberland Building Society will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
Sometime soon me and my wife are taking a long lease of a house in Hendon. Conveyancing solicitors in Hendon will soon beappointed. My agentrecommended that we double-check that the conveyancer in Hendon is on the Cumberland Building Society approved list of lawyers. Is this right?
Far from all Hendon conveyancing solicitors are on the Cumberland Building Society conveyancing panel. Click here to search for a Hendon conveyancing practitioner on the on the Cumberland Building Society list of approved conveyancing firms.