FAQs : The Foundation Home loans Conveyancing Panel
from members of the public
I appointed a firm of solicitors to work on my remortgage 5 weeks ago having applied for a mortgage with Foundation Home loans. The firm assured me that they are on Foundation Home loans conveyancing panel and advised me their panel number. Foundation Home loans then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Should I appoint a new solicitor listed on the conveyancing panel for Foundation Home loans?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Foundation Home loans conveyancing panel You may wish to enlist the help of your broker to check with the Foundation Home loans as to how long they think it will take to get the firm to get back on the panel.
My lawyer has discovered an inconsistency between the assumptions in Foundation Home loans’s home valuation survey and what is in the legal papers for the property. My solicitor informs me that as he is on the Foundation Home loans conveyancing panel he is obliged to ensure that the bank is happy with this discrepancy and is content go ahead. Is my conveyancer’s stance appropriate?
A precondition to being on the Foundation Home loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Foundation 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.
I see that you have a post code search directory listing solicitors on the Foundation Home loans conveyancing panel. Do firms pay you a referral fee if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Foundation Home loans conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My lawyers in London have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Foundation Home loans. Is it case that being on the Foundation Home loans conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements 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 Foundation Home loans Conveyancing Panel Terms. It might be worth you contacting Foundation Home loans directly.
Two weeks ago we had a mortgage agreed in principle with Foundation Home loans. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from Foundation Home loans?
Some lenders take longer than others. Have Foundation Home loans completed the valuation? Have you advised Foundation Home loans as your lawyers details and checked that your lawyer is on the Foundation Home loans conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I was told three weeks ago that my mortgage has been agreed
to by Foundation Home loans. Is it usual for Foundation Home loans to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Foundation Home loans to deal with your lawyers application to be on the Foundation Home loans conveyancing panel. There's no guarantee that your solicitors will be accepted.
Foundation Home loans have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Foundation Home loans or your broker and complete any relevant paperwork. Foundation Home loans will tell you what documents they want. Foundation Home loans will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Foundation Home loans will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.