ModaMortgages Solicitor Panel Recently Asked Questions from members of the public
I am selling my flat and the EA has just e-mailed to warn that the purchasers are changing their property lawyer. The reason given is that ModaMortgages will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only deal with certain solicitors?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our solicitor has uncovered a legal deficiency with the lease for the property we are purchasing. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that as he is on the ModaMortgages conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or ModaMortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and ModaMortgages are the client. A precondition to being on the ModaMortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on ModaMortgages). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that ModaMortgages 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.
I need to find a ModaMortgages panel solicitor in Stirling. Could you help me?
Unfortunately it’s not apparent why you need a ModaMortgages panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to ModaMortgages to find out which solicitors in ModaMortgages are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
We're in London, FTBs purchasing with a mortgage (lender is ModaMortgages , but our lawyer is on the ModaMortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the ModaMortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
We were going to get a DIP from ModaMortgages this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the ModaMortgages recommend a solicitor on the ModaMortgages conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the ModaMortgages conveyancing panel. The solicitor represents both you and the ModaMortgages through the process.
My husband and I are at the point of viewing flats and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with ModaMortgages
It would be sensible to have your start your search soon rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with ModaMortgages , make sure you remember to check that your lawyer is on the ModaMortgages conveyancing panel.
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. Please confirm
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.