Common questions asked concerning the ITL Mortgages Solicitor Panel from members of the public
A conveyancer my fiance and I had intended to instruct on a remortgage said he will levy higher legal fees if my lender is because of their difficult processes! Am I likely to be frustrated using ITL Mortgages? Is ITL Mortgages conveyancing so much more difficult?
ITL Mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the ITL Mortgages conveyancing panel. If they are not, this does add further risk of delay as ITL Mortgages will appoint their own solicitors to look after their interest.
Our solicitor has identified a defect with the lease for the flat we are buying. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the ITL Mortgages conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is ITL Mortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and ITL Mortgages are the client. A precondition to being on the ITL Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on ITL Mortgages). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that ITL Mortgages can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How up to date is your search tool for the ITL Mortgages conveyancing panel? Do ITL Mortgages send you an updated list?
The firms themselves provide us confirmation that they are on the ITL Mortgages conveyancing panel as opposed to being supplied with a list from ITL Mortgages directly.
My grandmother passed away six months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to ITL Mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then ITL Mortgages will insist on your using a conveyancer on the ITL Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your ITL Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the ITL Mortgages mortgage is registered as a charge at the Land Registry.
After much negotiation I have agreed a price on a house. My financial adviser pressured me to appoint their lawyers I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the ITL Mortgages 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 ITL Mortgages 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.
Planning on purchasing a flat with a mortgage with ITL Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the ITL Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the ITL Mortgages conveyancing panel
After shopping around on the internet I have found a solicitor having made sure that they are on the ITL Mortgages conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my solicitor - who is on the ITL Mortgages conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
ITL Mortgages will need an independent valuation of the property. Your lawyer will not arrange this. Usually ITL Mortgages will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
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Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with ITL Mortgages you could contact your them to see if they have a list of approved surveyors.
