FAQs : The ASTRA mortgages Conveyancing Panel
from members of the public
Is the fact that my conveyancer is not isted on the ASTRA mortgages Conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for ASTRA mortgages.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company ASTRA mortgages will not agree to this. Why was ASTRA mortgages even consulted?
Your lawyer being on the ASTRA mortgages conveyancing panel is duty bound to inform ASTRA mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to ASTRA mortgages then they would have to discontinue acting for you and ASTRA mortgages.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the ASTRA mortgages solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to ASTRA mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then ASTRA mortgages will insist on your using a conveyancer on the ASTRA mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your ASTRA mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the ASTRA mortgages mortgage is registered as a charge at the Land Registry.
When it comes to mortgage companies such as ASTRA mortgages do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Can you point me to a directory of ASTRA mortgages panel solicitors on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with ASTRA mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the ASTRA mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with ASTRA mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.