Examples of recent questions relating to the ModaMortgages Solicitor Panel from members of the public
I am hoping to receive a mortgage offer from ModaMortgages. I intend to enlist the help of a Licensed Conveyancer. Does the ModaMortgages Conveyancing panel allow for conveyancers regulated by the CLC
ModaMortgages’s conveyancing panel is, like many other lenders associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My solicitor is asking me for personal identification documents stating that this is part of his retainer as a solicitor on the ModaMortgages Conveyancing panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that ModaMortgages also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with ModaMortgages CML Handbook requirements last updated on ModaMortgages
Your search tool is useful but there are many lawyers listed near Chelsea on the ModaMortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the ModaMortgages approved panel?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
Can you clarify what the consequences are if my solicitor is suspended from the ModaMortgages Solicitor panel before the completion date?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is it the case that all conveyancing lawyers on the ModaMortgages conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
Planning on purchasing a house with a mortgage with ModaMortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the ModaMortgages 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 ModaMortgages conveyancing panel
I have instructed a lawyer having made sure that they are on the ModaMortgages conveyancing panel. Does my lawyer arrange the survey of the property?
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Having read lots of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the ModaMortgages conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
ModaMortgages will need an independent valuation of the property. Your lawyer will not arrange this. Usually ModaMortgages 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 ModaMortgages you could contact your them to see if they have a list of approved surveyors.