Mortgage Express (No 2) Conveyancing Panel : Questions and Answers from members of the public
My husband and I are buying a 3 bedroom flat in Hackney with a mortgage from Mortgage Express (No 2). We would like to retain our lawyer but Mortgage Express (No 2) says he's not on their "panel". We have to appoint one of the Mortgage Express (No 2) panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Mortgage Express (No 2) use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Mortgage Express (No 2) 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 lawyer to apply to be on the conveyancing panel for Mortgage Express (No 2)
Can you help?. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Mortgage Express (No 2) was dated random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer informs me that as she is on the Mortgage Express (No 2) conveyancing panel she needs to reorder the searches as they are now out of date.
A precondition to being on the Mortgage Express (No 2) approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Mortgage Express (No 2))which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Mortgage Express (No 2).
I note that you have a post code search directory listing firms on the Mortgage Express (No 2) conveyancing panel. Do firms pay you a commission if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Mortgage Express (No 2) conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Please explain the implications if my solicitor is suspended from the Mortgage Express (No 2) Conveyancing panel in advance of the completion date?
First, this is a very rare occurrence. 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 for a fee.
When it comes to mortgage companies such as Mortgage Express (No 2) 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.
Last month we had a mortgage agreed in principle with Mortgage Express (No 2). Solicitors have been appointed? How long does it take for Mortgage Express (No 2) to send the offer to our conveyancer
Some lenders take longer than others. Have Mortgage Express (No 2) done the valuation? Have you advised Mortgage Express (No 2) as your lawyers details and checked that your lawyer is on the Mortgage Express (No 2) conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
The for formalities of my purchase has taken place with a mortgage from Mortgage Express (No 2). Conveyancing was of an acceptable standard but I would like to complain about Mortgage Express (No 2). Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the Mortgage Express (No 2) branches or the Customer Care Department at Mortgage Express (No 2) head office. Ordinarily complaints to Mortgage Express (No 2) are sorted out very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.