Mortgage Express (No 2) Solicitor Panel Example Support Desk Enquires from members of the public
My Solicitor is not on the Mortgage Express (No 2) Conveyancing Panel. Can I still continue with my preferred solicitor even though they are excluded from the Mortgage Express (No 2) panel of approved conveyancing solicitors?
You will need to have a conveyancer complete the legal work required when you take out a Mortgage Express (No 2) mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Mortgage Express (No 2) conveyancing panel additional costs will be incurred as separate legal representation will be required by Mortgage Express (No 2). Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
Expecting to complete my purchase next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Mortgage Express (No 2). What does the insurance need to cover?
All property lawyers on the Mortgage Express (No 2) conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Mortgage Express (No 2)’s Part 2 requirements of the CML Handbook (last updated on Mortgage Express (No 2)). Being on the Mortgage Express (No 2) conveyancing panel your lawyer is expect to follow these requirements.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Mortgage Express (No 2) conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Mortgage Express (No 2) conveyancing panel as opposed to being supplied with a list from Mortgage Express (No 2) directly.
I was expecting to move into my flat last Friday. My solicitor is on the Mortgage Express (No 2) solicitors panel but has moved offices 8 weeks ago and had not informed Mortgage Express (No 2) of their new address. Mortgage Express (No 2) is now refusing to release my funds as the information from the solicitors isn't correct.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Mortgage Express (No 2) branch or your mortgage broker to see if they can assist.
Are all Conveyancing Quality Solicitors on the Mortgage Express (No 2) conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
Are all solicitor firms on the Mortgage Express (No 2) conveyancing panel overseen by the SRA?
As a firm of solicitors, in order to be on the Mortgage Express (No 2) conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Why might a lender such as Mortgage Express (No 2) withdraw a mortgage offer?
Banks and Building Societies such as Mortgage Express (No 2) can revoke their mortgage offer although this is unusual. should Mortgage Express (No 2) withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
- Where information comes to Mortgage Express (No 2) ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- Many mortgage offers have an expiry date. Your lawyer should check this. Mortgage Express (No 2) may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the sale is not at arms length for value to unconnected persons
- If the solicitor on the Mortgage Express (No 2) conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Mortgage Express (No 2) ‘s instructions