Common questions asked concerning the Cumberland Building Society Conveyancing Panel from members of the public
I am progressing with the sale of my maisonette and the EA has just called to warn that the buyers are switching property lawyer. The excuse is that Cumberland Building Society will only deal with solicitors on their conveyancing panel. Why would a big named lender only engage with specific solicitors?
Mortgage companies have always had panels 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.
Our son is buying a newly built flat with a mortgage from Cumberland Building Society. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Cumberland Building Society conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Cumberland Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Cumberland Building Society solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am attempting to get my former partner removed the mortgage deeds. Can Cumberland Building Society really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Cumberland Building Society then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Cumberland Building Society solicitors panel
I am buying a property where the roof has a solar panel. Cumberland Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Cumberland Building Society your lawyer must to check the Cumberland Building Society conveyancing instructions contained in the Part of CML Handbook for Cumberland Building Society . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Cumberland Building Society where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Cumberland Building Society on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Cumberland Building Society conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Cumberland Building Society panel she or he must comply with the CML Handbook requirements for Cumberland Building Society. Unless your lawyer obtains specific confirmation in writing that Cumberland Building Society will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Cumberland Building Society to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
Sometime soon me and my wife are purchasing a garden flat in Hendon. Conveyancing solicitors in Hendon need to beappointed. My brother-in-lawadvised that we make sure that the conveyancer in Hendon is on the Cumberland Building Society panel. Is this right?
A limited percentage of Hendon conveyancing solicitors are on the Cumberland Building Society conveyancing panel. 5 people a month use our search tool to find a Hendon conveyancing firm on the on the Cumberland Building Society panel.