Foundation Home loans Conveyancing Panel : Questions and Answers from members of the public
Much to my surprise I have been told by my IFA that my lawyer is not on the Foundation Home loans Conveyancing panel. How can I be sure that this is correct?
You need to contact your lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the the approved Foundation Home loans solicitor panel.
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 Foundation Home loans will not agree to this. Why was Foundation Home loans even consulted?
Your lawyer being on the Foundation Home loans conveyancing panel is duty bound to inform Foundation Home loans of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Foundation Home loans then they would have to discontinue acting for you and Foundation Home loans.
Your search tool is useful but there are many lawyers listed near Leeds on the Foundation Home loans conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Foundation Home loans ?
We do not recommend specific firms 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..
I was due to move into my dream home yesterday. My lawyer’s firm is on the Foundation Home loans conveyancing panel but has moved offices 8 weeks ago and had not advised Foundation Home loans of their new address. Foundation Home loans is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Foundation Home loans branch or your mortgage broker to see if they can assist.
Do conveyancing solicitors on the Foundation Home loans conveyancing panel work on a no move no charge 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
Can I be sure that the solicitor on the Foundation Home loans panel is any good?
obtaining recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor carrying out your transaction
After much negotiation I have agreed a price on a house. My financial adviser suggested a solicitor I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the Foundation Home loans conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Foundation Home loans panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.