Common questions asked concerning the Foundation Home loans Conveyancing Panel from members of the public
My lawyer is not on the Foundation Home loans Solicitor Panel. Can I still use my preferred solicitor notwithstanding that they are excluded from the Foundation Home loans panel of approved conveyancing solicitors?
You will need to have a conveyancer complete the legal work required when you take out a Foundation Home loans mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Foundation Home loans conveyancing panel additional costs will be incurred as separate legal representation will be required by Foundation Home loans. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
I do hope you can help me. My solicitor is advising me that she is duty-bound to order a Local Authority search stemming from the fact that the firm are on the Foundation Home loans approved lawyer panel. Is my lawyer correct?
You have limited options available to you. Given that you are taking out a loan with Foundation Home loans your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Foundation Home loans’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Foundation Home loans. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
What tools are available to search for a local solicitor on the Foundation Home loans conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Foundation Home loans solicitor panel.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Foundation Home loans Conveyancing panel in advance of completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you point me to a directory of Foundation Home loans panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Last month we had a mortgage agreed in principle with Foundation Home loans. Solicitors have been instructed? How long does it take for Foundation Home loans to send the offer to our conveyancer
There is no definitive answer here. Have Foundation Home loans completed the survey? 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 recently had an offer accepted on a house. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 225. 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.