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Cambridge Building Society Conveyancing Panel : Questions and Answers
I am hoping to receive a mortgage with Cambridge Building Society. I intend to retain the legal services of a Licensed Conveyancer. Does the Cambridge Building Society Solicitor panel include Licensed Conveyancers
Cambridge Building Society’s conveyancing panel is, like many other lenders associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Please help. My solicitor is informing me me that he is legally obliged to conduct a Local Authority search because the firm are on the Cambridge Building Society approved lawyer panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Cambridge Building Society your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Cambridge Building Society’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Cambridge Building Society. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Cambridge Building Society conveyancing panel. My lawyer has said that they are on the Cambridge Building Society approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Cambridge Building Society conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Cambridge Building Society solicitor panel.
I am purchasing a terraced house and getting a mortgage with Cambridge Building Society. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Cambridge Building Society conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Cambridge Building Society conveyancing panel in your location.
My wife and I have arranged a further advance on our mortgage from Cambridge Building Society as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Cambridge Building Society conveyancing panel to deal with the paperwork?
Cambridge Building Society do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Cambridge Building Society list
In what circumstances might Cambridge Building Society amend or withdraw their mortgage offer?
Lenders such as Cambridge Building Society can revoke their mortgage offer although this rarely happens. In the unlikely event that Cambridge Building Society withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Cambridge Building Society may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Cambridge Building Society of a change in security address
- If the borrower informs Cambridge Building Society of a change in the loan amount agreed
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
My ex -wife’s name is on the Cambridge 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 Cambridge Building Society mortgage in order to sell?
As regards the Cambridge 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 Cambridge 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.