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Swansea Building Society Conveyancing Panel : Questions and Answers
My fiance and I are hoping to buy a 2 bedroom flat in Hackney with a mortgage from Swansea Building Society. We would like to retain our solicitor but Swansea Building Society says he's not on their "panel". We have to appoint one of the Swansea Building Society panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Swansea Building Society use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Swansea Building Society conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Swansea Building Society
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Swansea Building Society was issued random date and we have agreed a date for me to move into the property on 6 months + 3. My solicitor informs me that as she is on the Swansea Building Society conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Swansea Building Society approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Swansea Building Society)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Swansea Building Society.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Swansea Building Society conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Swansea Building Society approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My uncle passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Swansea Building Society , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Swansea Building Society will insist on your using a conveyancer on the Swansea Building Society conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Swansea Building Society conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Swansea Building Society mortgage is registered as a charge at the Land Registry.
Is it the case that all conveyancing solicitors on the Swansea Building Society conveyancing panel work on a no move no charge basis?
On the whole there are 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
How can we tell if a solicitor on the Swansea Building Society panel is any good?
seeking recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your transaction
Planning on purchasing a flat with a mortgage with Swansea Building Society. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Swansea Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Swansea Building Society conveyancing panel