FAQs for the Mortgage Express (No 2) Conveyancing Panel from members of the public
My husband and I are novices when it comes to buying a property. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Mortgage Express (No 2) have this morning contacted us to advise us that there is now an issue as our solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitors should contact Mortgage Express (No 2) and see if they can apply for membership of the Mortgage Express (No 2) conveyancing panel, but if that is not viable Mortgage Express (No 2) will instruct their own solicitors to act. You don't have to instruct a firm on the Mortgage Express (No 2) conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our solicitor has discovered a defect with the lease for the flat we are buying. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the Mortgage Express (No 2) conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Mortgage Express (No 2)?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Mortgage Express (No 2) are the client. A precondition to being on the Mortgage Express (No 2) approved panel is to comply with the CML Handbook requirements (last updated for this lender on Mortgage Express (No 2)). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Mortgage Express (No 2) can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How do I search for a local solicitor on the Mortgage Express (No 2) conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the solicitor.
You can use the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Mortgage Express (No 2) solicitor panel.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Mortgage Express (No 2) Conveyancing panel before the completion date?
First, 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 for a fee.
Last month we had a mortgage agreed in principle with Mortgage Express (No 2). Solicitors have been instructed? 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) conducted the survey? 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
I'm spending time viewing apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a home loan with Mortgage Express (No 2)
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Mortgage Express (No 2) , make sure you remember to check that your lawyer is on the Mortgage Express (No 2) conveyancing panel.
Mortgage Express (No 2) 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 Express (No 2) or your broker and complete any relevant paperwork. Mortgage Express (No 2) will tell you what documents they want. Mortgage Express (No 2) 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 Express (No 2) 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.
