Q and A’s regarding the LiveMore Solicitor Panel
from members of the public
I am expecting a mortgage offer from LiveMore. I would like to retain the legal services of a Licensed Conveyancer. Does the LiveMore Solicitor panel exclude Licensed Conveyancers
LiveMore’s approved solicitor list is, like many other lenders represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Can you clarify something for me?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from LiveMore was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer has advised that as she is on the LiveMore conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
A precondition to being on the LiveMore approved panel is to comply with the CML Handbook requirements (last updated for this lender on LiveMore)which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to LiveMore.
I am purchasing a flat and need a conveyancing solicitor in who is on the LiveMore conveyancing. Can you recommend a local conveyancing firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for LiveMore . We don’t recommend any particular firm.
I am considering applying for a LiveMore mortgage for purchase of a newly converted (under development) with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for LiveMore?
In theory, you could use a solicitor that is not on LiveMore conveyancing panel, but LiveMore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the LiveMore conveyancing panel requirements are different to LiveMore’s conveyancing panel requirements.
I have a mortgage with LiveMore. My father has just retired and wants to pay off my mortgage. After LiveMore is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the LiveMore conveyancing panel? I do not intend to live at the property once the LiveMore mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the LiveMore panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with LiveMore?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the LiveMore conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with LiveMore and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.