Q and A’s regarding the Fleet Mortgages Solicitor Panel
from members of the public
My fiance and I are FTBs. Within the last couple of days our lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Fleet Mortgages have this evening contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Fleet Mortgages and see if they can apply for membership of the Fleet Mortgages conveyancing panel, but if that is not viable Fleet Mortgages will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Fleet Mortgages conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
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 Fleet Mortgages will not agree to this. Why was Fleet Mortgages even consulted?
Your lawyer being on the Fleet Mortgages conveyancing panel is duty bound to inform Fleet Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Fleet Mortgages then they would have to discontinue acting for you and Fleet Mortgages.
I am searching for competitive conveyancing fees. Can I be assured that all the law firms that are listed on your site are on the Fleet Mortgages conveyancing panel?
The law firms listed on our site have advised us that they are on the Fleet Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Fleet Mortgages panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Fleet Mortgages conveyancing panel is not accurate.
My conveyancers in London have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with Fleet Mortgages. Is it case that being on the Fleet Mortgages conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Fleet Mortgages Conveyancing Panel Terms. It might be worth you contacting Fleet Mortgages directly.
I previously instructed online solicitors based in Cardiff who are on the Fleet Mortgages solicitor panel. They are now charging me a separate fee of £150 for dealing with the Fleet Mortgages mortgage. Is this an additional conveyancing fee specified by Fleet 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 Fleet Mortgages but by your lawyers. Some firms on the Fleet Mortgages will charge an ‘acting for lender’ fee and others do not.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Fleet Mortgages conveyancing panel requirements are different to Fleet Mortgages’s conveyancing panel requirements.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 6 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Fleet Mortgages are being difficult. The solicitor who is on the Fleet Mortgages conveyancing panel is saying indemnity insurance will be fine but Fleet Mortgages are insisting on a building regulation certificate. Why do Fleet Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Fleet Mortgages have referred the matter to their valuer. The reason why Fleet Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.