FAQs : The Mortgage Express (No 2) Conveyancing Panel from members of the public
My fiance and I are FTBs. Within the 48 hours our conveyancer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Mortgage Express (No 2) have this evening contacted us to inform me that there is now an issue as our conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit 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 Accreditation Scheme. Your property lawyers 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 lawyers to represent them. 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 your legal fees may increase, and it may delay matters as you have another set of people involved.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Mortgage Express (No 2) will not agree to this. Why was Mortgage Express (No 2) even consulted?
Your lawyer being on the Mortgage Express (No 2) conveyancing panel is duty bound to inform Mortgage Express (No 2) of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Mortgage Express (No 2) then they would have to discontinue acting for you and Mortgage Express (No 2).
I am looking to buy a flat and need a conveyancing solicitor in Liverpool who is on the Mortgage Express (No 2) solicitor. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Mortgage Express (No 2) . We don’t recommend any particular firm.
I am selling my house. Does my solicitor have to be on the Mortgage Express (No 2) conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Mortgage Express (No 2) conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My wife and I have arranged a further advance on our mortgage from Mortgage Express (No 2) as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Mortgage Express (No 2) conveyancing panel to deal with the legals?
Mortgage Express (No 2) would not normally appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Mortgage Express (No 2) panel
Is it common for Mortgage Express (No 2) to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Mortgage Express (No 2) can withdraw their mortgage offer although this rarely happens. In the unlikely event that Mortgage Express (No 2) withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a number of examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where to proceed with the Mortgage offer would be unlawful
- Where the Lender’s right to possession is fettered in some way
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
Planning on purchasing a house with a mortgage with Mortgage Express (No 2). I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Mortgage Express (No 2) conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Mortgage Express (No 2) conveyancing panel