Capital Home Loans Conveyancing Panel Sample Enquires to our Call Center from members of the public
My fiance and I are hoping to buy a 1 bedroom flat in Newcastle with a mortgage from Capital Home Loans. We would like to retain our lawyer but Capital Home Loans says she’s not on their "panel". We have to appoint one of the Capital Home Loans panel firms or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Capital Home Loans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Capital Home Loans
My conveyancer has spotted a discrepancy when comparing the information in Capital Home Loans’s valuation survey and what is in the title deeds. My solicitor informs me that as he is on the Capital Home Loans conveyancing panel he needs to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
A precondition to being on the Capital Home Loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Capital Home Loans) 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 all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Capital Home Loans 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.
Please explain the implications if my solicitor is expelled from the Capital Home Loans Solicitor panel in advance of the completion date?
First, 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.
When it comes to mortgage companies such as Capital Home Loans do lawyers have to be pay a fee to be on the conveyancing panel?
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.
My husband and I are in the throws of looking at apartments and am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Capital Home Loans
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Capital Home Loans , make sure you remember to check that your lawyer is on the Capital Home Loans 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? At what point should I appy for the mortgage with Capital Home Loans?
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 Capital Home Loans 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 Capital Home Loans and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.