Frequently asked questions relating to the Mortgage Agency Services Conveyancing Panel from members of the public
The conveyancer I wanted to use for conveyancing on a remortgage said he would charge more if my mortgage is with Mortgage Agency Services due to their difficult processes! Am I likely to be frustrated using Mortgage Agency Services? Any comments will be appreciated
Mortgage Agency Services conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Mortgage Agency Services conveyancing panel. If they are not, this does add further risk of delay as Mortgage Agency Services will appoint their own solicitors to look after their interest.
I am purchasing a new build duplex and my lawyer is informing me that she has to reveal incentives from the developer as her practice is on the Mortgage Agency Services conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Mortgage Agency Services approved panel is to comply with the CML Handbook requirements (last updated for this lender on Mortgage Agency Services). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Your search tool is useful but there are many lawyers listed near Chelsea on the Mortgage Agency Services conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Mortgage Agency Services ?
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 removed from the Mortgage Agency Services Conveyancing 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.
I have agreed a price on a apartment I spoke to a solicitor previously used by my dad and he advised instructing a property lawyers 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 practice 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.
Ask Mortgage Agency Services for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. 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.
I can not work out if my mortgage offer requires a lease extension . I have called Mortgage Agency Services on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Mortgage Agency Services conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Mortgage Agency Services panel she or he must comply with the CML Handbook requirements for Mortgage Agency Services. Unless your lawyer obtains specific confirmation in writing that Mortgage Agency Services will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Mortgage Agency Services to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I was told three weeks ago that my mortgage has been agreed
to by Mortgage Agency Services. Is it usual for Mortgage Agency Services to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Mortgage Agency Services to deal with your lawyers application to be on the Mortgage Agency Services conveyancing panel. There's no guarantee that your solicitors will be accepted.