ModaMortgages Conveyancing Panel Sample Enquires to our Call Center from members of the public
For what reasons could a law firm be excluded from the ModaMortgages approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been excluded from a lender panel. The most common 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
My partner and I intend to remortgage our penthouse with ModaMortgages. We have a son 19 who lives with us. The solicitor on the ModaMortgages conveyancing panel has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the ModaMortgages conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your ModaMortgages conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to ModaMortgages .This is solely used to protect the ModaMortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of ModaMortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Your search tool is useful but there are many lawyers listed near Newcastle on the ModaMortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for ModaMortgages ?
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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My grandfather passed away six months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to ModaMortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then ModaMortgages will insist on your using a conveyancer on the ModaMortgages 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 ModaMortgages 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 ModaMortgages mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as ModaMortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Why might a lender such as ModaMortgages withdraw a mortgage offer?
Lenders such as ModaMortgages can revoke their mortgage offer although this rarely happens. If ModaMortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Where information comes to ModaMortgages ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- If the borrower informs ModaMortgages of a change in the loan amount agreed
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that ModaMortgages conveyancing panel solicitors would be obliged to notify ModaMortgages of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
I recently had an offer accepted on an apartment. My mortgage broker suggested a solicitor I paid an upfront payment of 200. Soon after the conveyancers contacted me to say that they were not on the ModaMortgages 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 ModaMortgages 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.