Furness Building Society Conveyancing Panel Information

The Council of Mortgage Lenders do not hold duplicates of P2 requirements Pre January 2011. The CML advise that you make a request of Furness Building Society directly.

Most 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 Furness 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 Furness Building Society we suggest that you call Furness Building Society to check the position.

Please tread carefully here as what you are proposing may not be acceptable to the mortgage company. It is possible that you (as a non-panel firm) or the mortgage applicant are not entitled instruct a panel firm of your choice. Many lenders make it clear to their panel firms that where a non-panel member firm is instructed by one of their mortgage applicants, the lender will appoint a panel firm to carry out its instructions and to liaise with the borrower's conveyancing firm. You also need to make the costs implications and potential for delay very clear to your client.

On the basis that your firm in is on the Furness 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 Furness Building Society are to lend, they may require indemnity insurance. In any event,you will need to check Furness Building Society’s specific requirements. Notwithstanding whether Furness Building Society will lend in such circumstances you still need to advise the borrower (unless you are acting for Furness Building Society alone) as to the risks of buying a property with an insolvent or absentee landlord.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for Furness Building Society solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You should contact Furness Building Society to obtain standard documents. The CML Handbook has an explicit inquiry for lenders to set out who to contact to obtain standard documents. Furness Building Society in their Part 2’s state: Don’t forget to quote your Furness Building Society conveyancing panel reference.