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Ready to buy a new home? Failing to check that a lawyer is on the West Bromwich BS list of approved solicitors can put your transaction at risk of delay or failure.
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West Bromwich Building Society Conveyancing Panel Example Support Desk Enquires
My partner and I are novices when it comes to buying a property. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. West Bromwich Building Society have this evening contacted us to inform me that they have now hit a problem as our conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact West Bromwich Building Society and see if they can apply for membership of the West Bromwich Building Society conveyancing panel, but if that is not viable West Bromwich Building Society will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the West Bromwich Building Society conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Much to my surprise my lawyer has informed me that he requires personal identification documents asserting that this forms part of his requirements as a solicitor on the West Bromwich Building Society Conveyancing panel. Is this right?
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 West Bromwich Building Society your lawyer also has to check ID documents to satisfy West Bromwich Building Society
Whilst your website is a good idea there are many lawyers listed near Chelsea on the West Bromwich Building Society conveyancing panel. Can you recommend a specific firm on the West Bromwich 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 property. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to West Bromwich Building Society , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then West Bromwich Building Society will insist on your using a conveyancer on the West Bromwich 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 West Bromwich 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 West Bromwich Building Society mortgage is registered as a charge at the Land Registry.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the West Bromwich Building Society conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
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 West Bromwich Building Society conveyancing panel requirements are different to West Bromwich Building Society’s conveyancing panel requirements.
Sometime soon me and my wife are acquiring a flat in Hendon. Conveyancing solicitors in Hendon are preferred to beappointed. My colleagueadvised that we double-check that the solicitor in Hendon is on the West Bromwich Building Society approved list of lawyers. Is this really necessary?
Far from all Hendon conveyancing solicitors are on the West Bromwich Building Society conveyancing panel. Click here to search for a Hendon conveyancing practitioner on the on the West Bromwich Building Society approved list of lawyers.