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Ready to buy a new home? Failing to check that a lawyer is on the SuffolkBuildingSociety 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 Suffolk Building Society Conveyancing Panel? How can my firm be reinstated onto the Suffolk Building Society Conveyancing Panel?Find an Approved Solicitor on the Suffolk Building Society Conveyancing Panel
FAQs for the Suffolk Building Society Solicitor Panel
I am selling my apartment and the EA has just texted me to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that Suffolk Building Society will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only work with specific lawyers?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Suffolk Building Society will not agree to this. Why was Suffolk Building Society even consulted?
Your lawyer being on the Suffolk Building Society conveyancing panel is duty bound to inform Suffolk Building Society of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Suffolk Building Society then they would have to discontinue acting for you and Suffolk Building Society.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the Suffolk Building Society conveyancing panel?
The firms themselves provide us confirmation that they are on the Suffolk Building Society conveyancing panel as opposed to being supplied with a list from Suffolk Building Society directly.
I was due to move into my dream home two days ago. My solicitor is on the Suffolk Building Society solicitors panel but has changed address in the past couple of months and had not informed Suffolk Building Society of their new address. Suffolk Building Society is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most 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 Suffolk Building Society branch or your mortgage broker to see if they can assist.
When it comes to lenders such as Suffolk Building Society do lawyers have to be pay a fee to be on the list of approved solicitors?
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.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Suffolk Building Society conveyancing panel requirements are different to Suffolk Building Society’s conveyancing panel requirements.
My ex -wife’s name is on the Suffolk Building Society mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Suffolk Building Society mortgage in order to sell?
As regards the Suffolk Building Society mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Suffolk Building Society in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.