Q and A’s regarding the Fleet Mortgages Conveyancing Panel from members of the public
Is the fact that my conveyancer is not identified on the Fleet Mortgages Solicitor panel that there is a problem with the standard of her work?
That would more than likely be a wrong assumption to make. 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 Fleet Mortgages.
My grandson is buying a house that has just been built with a mortgage from Fleet Mortgages. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Fleet Mortgages conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Fleet Mortgages conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I have to pop into the offices of the Fleet Mortgages conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can attend their offices if required.
Most conveyancing panel lawyers for Fleet Mortgages undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am considering applying for a Fleet Mortgages mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Fleet Mortgages?
In theory, you could use a solicitor that is not on Fleet Mortgages conveyancing panel, but Fleet 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 transaction.
I have a mortgage with Fleet Mortgages. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Fleet Mortgages?
Fleet Mortgages must be informed of your intention in advance of renting your property as this is likely to be a breach of Fleet Mortgages’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Fleet Mortgages directly. It should not be necessary to do this via a Fleet Mortgages conveyancing panel lawyer.
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Fleet Mortgages on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Fleet Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Fleet Mortgages. Unless your lawyer obtains specific confirmation in writing that Fleet Mortgages will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Fleet Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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 booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Fleet 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 Fleet 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 Fleet Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.