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approved by Ipswich Building Society

Ipswich Building Society’s conveyancing panel is, like many other lenders represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Ipswich Building Society are the client. A precondition to being on the Ipswich Building Society approved panel is to comply with the CML Handbook requirements (last updated for this lender on Ipswich Building Society). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Ipswich 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.

The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Ipswich Building Society panel and agreed to advise us to take down their listing in the event of removal off of the Ipswich 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 Ipswich Building Society conveyancing panel is not accurate.

The fact that your lawyer is on the Ipswich 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

There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package

You will need a solicitor but they need not be on the Ipswich 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.

Ipswich Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Ipswich 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. or 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 Ipswich Building Society you could contact your them to see if they have a list of approved surveyors.