Mortgage Agency Services Conveyancing Panel : Questions and Answers from members of the public
My husband and I are buying a 2 bedroom flat in London with a mortgage from Mortgage Agency Services. We have a lawyer but Mortgage Agency Services says he's not on their "panel". We have to appoint one of the Mortgage Agency Services panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Mortgage Agency Services conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Mortgage Agency Services
Much to my surprise my property lawyer has requested from me personal identification documents asserting that this forms part of his obligations as a solicitor on the Mortgage Agency Services Solicitor panel. Is this right?
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 Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Mortgage Agency Services 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 Mortgage Agency Services CML Handbook requirements last updated on Mortgage Agency Services
I see that you have a search directory listing law firms on the Mortgage Agency Services conveyancing panel. Do firms pay you a referral fee if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Mortgage Agency Services conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My solicitors in Liverpool have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with Mortgage Agency Services. Is it case that being on the Mortgage Agency Services conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Mortgage Agency Services Conveyancing Panel Terms. It might be worth you contacting Mortgage Agency Services directly.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Mortgage Agency Services. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Mortgage Agency Services you will need to appoint a solicitor on the Mortgage Agency Services conveyancing panel.
Mortgage Agency Services have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Mortgage Agency Services or your broker and complete any relevant paperwork. Mortgage Agency Services will tell you what documents they want. Mortgage Agency Services will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Mortgage Agency Services will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Mortgage Agency Services?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Mortgage Agency Services conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Mortgage Agency Services and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.