ASTRA mortgages Conveyancing Panel : Questions and Answers from members of the public
On what basis would a firm of solicitors be removed from the ASTRA mortgages solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been excluded from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by ASTRA mortgages
My lawyer has spotted an inconsistency when comparing the surveyor’s assumptions in ASTRA mortgages’s valuation survey and what is in the legal papers for the property. My solicitor says that as he is on the ASTRA mortgages conveyancing panel he needs to check that the lender is with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
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 you.
I see that you have a search directory listing firms on the ASTRA mortgages conveyancing panel. Do firms pay you a referral fee if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the ASTRA mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my solicitor is removed from the ASTRA mortgages Conveyancing panel before the completion date?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have agreed a price on a flat I spoke to a solicitor recommended by my mum and he advised using a law firm approved by ASTRA mortgages. The estate agent recommended two local firms so I asked ASTRA mortgages if the 2 suggested solicitors are approved, which they are not. ASTRA mortgages suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of ASTRA mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of ASTRA mortgages to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the ASTRA mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto ASTRA mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet ASTRA mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I was told two weeks ago that my mortgage has been agreed
to by ASTRA mortgages. Is it usual for ASTRA mortgages to only issue the offer once my
solicitor is approved on their conveyancing panel?
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.
ASTRA mortgages have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up ASTRA mortgages or your broker and complete any relevant paperwork. ASTRA mortgages will tell you what documents they want. ASTRA mortgages will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. ASTRA mortgages will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.