Bluestone Mortgages Conveyancing Panel : Questions and Answers from members of the public
On what basis would a firm of solicitors be removed from the Bluestone Mortgages solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been excluded from a lender panel. The most common reasons in order are :
- lack 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 Bluestone Mortgages
Our lawyer has discovered a problem with the lease for the apartment we are buying. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the Bluestone Mortgages conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Bluestone Mortgages?
Just because you have a mortgage offer from Bluestone Mortgages does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Bluestone Mortgages are the client. The appropriate lender requirements have to be complied with by the Bluestone Mortgages conveyancing panel who has to balance acting for you and Bluestone Mortgages
I note that you have a search directory listing law firms on the Bluestone Mortgages conveyancing panel. Do firms pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Bluestone Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Bluestone Mortgages mortgage for purchase of a new build (under development) with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Bluestone Mortgages?
In theory, you could use a solicitor that is not on Bluestone Mortgages conveyancing panel, but Bluestone Mortgages would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I had instructed online conveyancers located in Cardiff who are on the Bluestone Mortgages solicitor panel. They are now charging me a separate fee of £175 for the legal aspects of the Bluestone Mortgages mortgage. Is this a supplemental conveyancing fee set by Bluestone Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Bluestone Mortgages but by your lawyers. Some firms on the Bluestone Mortgages will charge an ‘acting for lender’ fee and others do not.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Bluestone Mortgages. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Bluestone Mortgages you will need to appoint a solicitor on the Bluestone Mortgages conveyancing panel.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Bluestone 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 Bluestone 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 Bluestone Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
