Stafford Railway Building Society Conveyancing Panel Information:
What are the Stafford Railway Building Society conveyancing panel criteria?
Unlike the CML the Building Society Mortgage Instructions deal with this. Section A.12 states ‘In order to act on our behalf your firm or company must be a member of our conveyancing panel provided we are a society that operates one – see specific requirements for details of our arrangements.
The Special Requirements state:
The Society uses Legal Marketing Services Ltd (LMS) for its panel arrangements.
You must also comply with the terms and conditions of your Stafford Railway Building Society solicitor panel appointment.
Is it probable that Stafford Railway Building Society will select an alternative firm on the Stafford Railway Building Society conveyancing panel for a further advance during the mortgage term ?
The BSA Mortgage Instructions applicable to a solicitor on the Stafford Railway Building Society conveyancing panel indicates that when a further advance is required for alterations or improvements to the property we will not normally instruct a member of the Stafford Railway Building Society conveyancing panel but if you are instructed the appropriate provisions of the BSA mortgage instruction will need to be followed .
Do the Building Society Association intend to launch a search tool with a view to to identify firms on the Stafford Railway Building Society conveyancing panel ?
Lexsure has not been advised of any intention on the part of the BSA to develop such a tool .
Will the fact that my firm receives LENDERmonitor Alerts help in my application to join the Stafford Railway Building Society conveyancing panel?
The criteria to join the Stafford Railway Building Society conveyancing panel is likely to be fairly detailed and is unlikely to include signing up to LENDERmonitor alerts.
Why are Estate Agents using search tools to check if lawyers are on a lenders conveyancing panel ?
Many estate agents will be feeling the pain if their clients start out on the buying process using 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 solicitors lawyers.
A recent SRA survey reveals that three quarters of solicitors have been removed or threatened with removal from a lender conveyancing panel. Stafford Railway Building Society and other building societies have restricted their panel over the years. Why?
The feeling from lenders generally (we can not speak for Stafford Railway Building Society specifically), is that for too long
solicitors have concentrated on their duty of care to their purchasing
client, and have paid scant attention to the duty they owe to the
lender, whom they conveniently forget is also their client.
Looking from the lenders’ perspective, it has to be said that there are pressures to encourage smaller panels. The Financial Services Authority regards the open panel system as a major contributor to mortgage fraud and negligence cases, and has been leaning on lenders to move to proactive panel management, which is more expensive the larger the panel. Hence it is becoming more common for lenders to charge fees, and/or require extensive form-filling, from would-be panel members
Stafford Railway Building Society and other BSA lenders are in varying stages of reviewing their approach to vetting firms on their conveyancing panels, to ensure their ongoing exposure to unsuitable firms is reduced.
I rarely receive a copy of a valuation from a lender these days. Do my Stafford Railway Building Society conveyancing panel obligations extend to checking the valuation details where I am acting on a purchase with Stafford Railway Building Society as the lender?
There are various requirements you need to follow if you wish to comply with your lender client’s instructions as set out in the BSA Mortgage Instructions. (a) You must take reasonable steps to verify that there are no discrepancies between the description of the property as compared to their old address.
What lender panels do you receive the most questions about?
BSA lenders do not come within the top 20 lenders in terms of
frequency of questions. The most popular lender panels in terms of
questions are as follows:
Find a Lawyer on the Stafford Railway Building Society Approved Conveyancing Solicitors Panel
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Average number of days to register title including a charge in favour of Stafford Railway Building Society
This information relates to purchase only and not remortgages.
| Year | Days* |
|---|---|
| 2026 | [no data] |
| 2025 | [no data] |
| 2024 | [no data] |
| 2023 | [no data] |
| 2022 | [no data] |
| 2021 | [no data] |
* Data aggregated from sources including COMPLETIONmonitor
Other related topics:
- CQS policy templates and procedures for accredited Stafford Railway Building Society Firms
- Draft Report on Title precedent for Stafford Railway Building Society borrowers
- Draft Anti Money Laundering PolicyTemplate for Stafford Railway Building Society panel firms to consider
- Dealing with Lender Policy Template panel for CQS accredited firms on the Stafford Railway Building Society lender panel
- Buy-to-Let help for Stafford Railway Building Society
- Consent-to-Let help for Stafford Railway Building Society
- Contractor Mortgages with Stafford Railway Building Society
