FAQs : The ASTRA mortgages Conveyancing Panel
from members of the public
The conveyancer I had intended to instruct on a remortgage said he would charge more if my lender is because of their unusual legal requirements. Am I likely to be frustrated using ASTRA mortgages? Any comments will be appreciated
ASTRA mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the ASTRA mortgages conveyancing panel. If they are not, this does add further risk of delay as ASTRA mortgages will appoint their own solicitors to look after their interest.
My conveyancer has identified a discrepancy between the information in ASTRA mortgages’s valuation report and what is in the title deeds. My lawyer informs me that as he is on the ASTRA mortgages conveyancing panel he needs to ensure that the lender is happy with this discrepancy and is content go ahead. Is my conveyancer’s course or action legitimate?
A precondition to being on the ASTRA mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on ASTRA mortgages) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I have to pop into the offices of the ASTRA mortgages conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Leeds
so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for ASTRA mortgages undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am purchasing a right to buy flat and getting a mortgage with ASTRA mortgages. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the ASTRA mortgages 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 ASTRA mortgages conveyancing panel in your location.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. ASTRA mortgages 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 ASTRA mortgages your lawyer must to check the ASTRA mortgages conveyancing instructions contained in the Part of CML Handbook for ASTRA mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to ASTRA mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
My existing mortgage is with ASTRA mortgages. My uncle has just retired and wants to pay off my mortgage. After ASTRA mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the ASTRA mortgages conveyancing panel? I do not intend to live at the property once the ASTRA mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the ASTRA mortgages panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
My offer was accepted on a house on the 7th March 2014, valuation was booked 4 days later, received a clean bill of health. Conveyancer appointed, so all that was missing was my mortgage offer. Having made daily calls to ASTRA mortgages and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the ASTRA mortgages conveyancing panel. Are ASTRA mortgages entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for ASTRA mortgages to deal with your lawyers application to be on the ASTRA mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.