Foundation Home loans Conveyancing Panel : Questions and Answers from members of the public
Am I correct in assuming that the fact that my conveyancer is not identified on the Foundation Home loans Solicitor panel that there is a problem with the quality of his work?
It would not be wise to jump to that conclusion. 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 top 3 reasons are as follows: (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 Foundation Home loans.
Our god-son is about to exchange on a house that has just been built with a home loan from Foundation Home loans. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Foundation Home loans 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 Foundation Home loans conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I see that you have a search directory listing law firms on the Foundation Home loans conveyancing panel. Do firms pay you a referral fee if I retain them for my own conveyancing?
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.
We're in Wales, First time buyers buying with a mortgage (lender is Foundation Home loans , but our solicitor is on the Foundation Home loans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Foundation Home loans conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Are all Conveyancing Quality Solicitors on the Foundation Home loans conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
The mortgage over my property is with Foundation Home loans. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Foundation Home loans?
Foundation Home loans must be informed of your intention in advance of letting out your property as this is likely to be a breach of Foundation Home loans’s mortgage conditions. It may be that Foundation Home loans will permit you to let 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 Foundation Home loans directly. You need not do this via a Foundation Home loans conveyancing panel solicitor.
My ex -wife’s name is on the Foundation Home loans mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Foundation Home loans mortgage in order to sell?
In terms of the Foundation Home loans mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Foundation Home loans in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.
