Family Building Society Conveyancing Panel Information

Many estate agents are suffering if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change lawyers.

The majority of lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with Family Building Society as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from Family Building Society we suggest that you call Family Building Society to check the position.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the Family Building Society conveyancing panel to see if you are entitled to a reason.

Assuming that your firm in is on the Family Building Society conveyancing panel and you are acting for them in relation to a leasehold property, you must report to them if it becomes apparent that the landlord is either absent or insolvent. If Family Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Family Building Society’s specific requirements. Notwithstanding whether Family Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Family Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.

The Law Society’s CQS membership is no guarantee to lender panel acceptance. Nevertheless the Council of Mortgage Lenders have indicated that it is likely to become a prerequisite for firms wishing to remain on their approved list of firms. Some mortgage companies now use the scheme as the starting point for Panel approval such as Astra Mortgages.

You should contact Family Building Society to obtain standard documents. The The Council of Mortgage Lenders Handbook has an individual section for banks to cite who to contact to obtain standard documents. Family Building Society in their Part 2’s state: Please remember to disclose the firm’s Family Building Society conveyancing panel reference.