Frequently asked questions relating to the Foundation Home loans Solicitor Panel from members of the public
I need to swap lawyers as my lawyer is not on the Foundation Home loans panel of conveyancing solicitors. How easy is it to change conveyancer?
If you haven't yet instructed a solicitor to do anything for you and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer you're considering.
I am due to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Foundation Home loans. What does the insurance need to cover?
All property lawyers on the Foundation Home loans conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Foundation Home loans’s Part 2 requirements of the CML Handbook (last updated on Foundation Home loans). Being on the Foundation Home loans conveyancing panel your lawyer is expect to follow these requirements.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Foundation Home loans conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
What happens if my lawyer’s firm is removed from the Foundation Home loans Solicitor panel prior to the completion date?
The first thing to point out is that, 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.
I had instructed online conveyancers located in Cardiff who are on the Foundation Home loans solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Foundation Home loans mortgage. Is this a supplemental conveyancing fee set by Foundation Home loans?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Foundation Home loans but by your lawyers. Some firms on the Foundation Home loans will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to move forward? I plan to obtain a mortgage with Foundation Home loans. Is it possible to avoid using solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Foundation Home loans involved you will need to appoint a solicitor on the Foundation Home loans conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Foundation Home loans. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Foundation Home loans conveyancing panel.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Foundation Home loans on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Foundation Home loans conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Foundation Home loans. Unless your lawyer obtains specific confirmation in writing that Foundation Home loans will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Foundation Home loans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.