Mortgage Agency Services Conveyancing Panel : Questions and Answers from members of the public
I would like to know the reason why all UK lawyers aren't included on the Mortgage Agency Services Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My fiance and I changing mortgage lender for our penthouse with Mortgage Agency Services. We have a son 18 who lives with us. The solicitor on the Mortgage Agency Services conveyancing panel requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Mortgage Agency Services conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Mortgage Agency Services 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 Mortgage Agency Services .This is solely used to protect the Mortgage Agency Services 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 Mortgage Agency Services 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 Leeds on the Mortgage Agency Services conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Mortgage Agency Services 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. 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..
I am purchasing a new build flat and getting a mortgage with Mortgage Agency Services. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Mortgage Agency Services 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 Mortgage Agency Services conveyancing panel in your location.
Are all solicitor practices on the Mortgage Agency Services conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Mortgage Agency Services conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with Mortgage Agency Services. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Mortgage Agency Services involved you will need to appoint a solicitor on the Mortgage Agency Services conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Mortgage Agency Services. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Mortgage Agency Services conveyancing panel.
We have had an offer accepted on a apartment I spoke to a solicitor previously used by my uncle and he suggested retaining a law firm approved by Mortgage Agency Services. The estate agent recommended two local firms so I asked Mortgage Agency Services if the 2 suggested solicitors are approved, which they are not. Mortgage Agency Services suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Mortgage Agency Services 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Mortgage Agency Services for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Mortgage Agency Services conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Mortgage Agency Services conveyancing panel as it may only take about 2-3 weeks. As long as they meet Mortgage Agency Services’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.