Fleet Mortgages Conveyancing Panel : Questions and Answers from members of the public
I instructed a solicitor to carry out on my house purchase three weeks ago having applied for a mortgage with Fleet Mortgages. The law firm confirmed to me that they are on Fleet Mortgages conveyancing panel and advised me their panel reference. Fleet Mortgages then called me to say that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the conveyancing panel for Fleet Mortgages?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Fleet Mortgages as to how long they think it will take to get the firm to get back on the panel.
My conveyancer has discovered a discrepancy when comparing the assumptions in Fleet Mortgages’s valuation survey and what is in the legal papers for the property. My lawyer says that as he is on the Fleet Mortgages conveyancing panel he needs to check that the lender is with this discrepancy and is content go ahead. Is my lawyer’s course or action appropriate?
A precondition to being on the Fleet Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Fleet 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 both parties.
Your search tool is useful but there are many lawyers listed near Leeds on the Fleet Mortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Fleet Mortgages ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My house is up for sale and I have a buyer. Does my solicitor have to be on the Fleet Mortgages conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Fleet Mortgages conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do conveyancing solicitors on the Fleet Mortgages conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I have a mortgage with Fleet Mortgages. Conveyancing has been completed months ago. Should I wish 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 prior to letting out 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 firm.
My offer on house has been accepted, but there is a chain. 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 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.