Common questions asked concerning the Mortgage Express (No 2) Solicitor Panel from members of the public
Am I correct in assuming that the fact that my solicitor is not isted on the Mortgage Express (No 2) Conveyancing panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for Mortgage Express (No 2).
My solicitor has spotted a discrepancy when comparing the surveyor’s assumptions in Mortgage Express (No 2)’s home valuation survey and what is in the conveyancing documents. My lawyer says that as he is on the Mortgage Express (No 2) conveyancing panel he needs to ensure that the bank is with this discrepancy and is content go ahead. Is my lawyer’s approach right?
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)) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I see that you have a post code search directory identifying firms on the Mortgage Express (No 2) conveyancing panel. Do firms pay you a commission if I instruct them for my conveyancing?
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.
We're in Wales, First time buyers purchasing with a mortgage (lender is Mortgage Express (No 2) , but our lawyer is on the Mortgage Express (No 2) conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Mortgage Express (No 2) conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is it the case that all conveyancing solicitors on the Mortgage Express (No 2) conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
Why might a lender such as Mortgage Express (No 2) withdraw a mortgage offer?
Lenders such as Mortgage Express (No 2) can revoke their mortgage offer although this rarely happens. should Mortgage Express (No 2) withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are 5 examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Mortgage Express (No 2) conveyancing panel solicitors would be obliged to notify Mortgage Express (No 2) of a change in the price of the property.
- Where the lender has to take account a recent change in taxation
- Where the sale is not at arms length for value to unconnected persons
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- Where the Lender’s right to possession is fettered in some way
I'm in the process of viewing apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage 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) , ask your prospective lawyers check they are on the Mortgage Express (No 2) conveyancing panel otherwise they can't do the mortgage legal work.