Frequently asked questions relating to the Foundation Home loans Solicitor Panel from members of the public
I would like to know the reason why all solicitors aren't included on the Foundation Home loans Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
We are approaching an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Foundation Home loans. Apparently, being on the Foundation Home loans conveyancing panel and acting on their behalf he must inform Foundation Home loans if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Foundation Home loans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Foundation Home loans if you agree, failing which, your lawyer must cease to continue acting.
Do all the firms 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.
My solicitors in London have advised me that they can not locate my conveyancing file. To assist with 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.
My brother and I have had an offer accepted on a house I spoke to a lawyer previously used by my uncle and he advised instructing a solicitor approved by Foundation Home loans. The estate agent recommended two local firms so I asked Foundation Home loans if the 2 suggested solicitors are approved, which they are not. Foundation Home loans suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Foundation Home loans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Foundation Home loans to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Foundation Home loans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Foundation Home loans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Foundation Home loans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
After much negotiation I have agreed a price on an apartment. My mortgage broker recommended their conveyancers I paid an upfront payment of 225. Soon after the conveyancers contacted me sheepishly admitting 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.
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.