FAQs : The ModaMortgages Conveyancing Panel
from members of the public
On what basis could a firm of solicitors be excluded from the ModaMortgages approved conveyancing panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by ModaMortgages
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 ModaMortgages. What does the insurance need to cover?
Any lawyer on the ModaMortgages 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 ModaMortgages’s Part 2 requirements of the CML Handbook (last updated on ModaMortgages). Being on the ModaMortgages conveyancing panel your lawyer is expect to follow these instructions.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the ModaMortgages conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Liverpool
so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for ModaMortgages undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am buying a garden flat and getting a mortgage with ModaMortgages. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the ModaMortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the ModaMortgages conveyancing panel in your location.
Can you point me to a directory of ModaMortgages panel solicitors on the Building Society Association’s 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.
I have paid off my mortgage with ModaMortgages. I assume I don't need a solicitor on the ModaMortgages panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your ModaMortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the ModaMortgages mortgage from the register. ModaMortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the ModaMortgages has sent the Land Registry the discharge electronically, and
the ModaMortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your ModaMortgages mortgage has been paid off.
ModaMortgages 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 ModaMortgages or your broker and complete any relevant paperwork. ModaMortgages will tell you what documents they want. ModaMortgages 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. ModaMortgages 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.