FAQs for the MPowered Mortgages Solicitor Panel from members of the public
What is the rationale as to why all UK lawyers are not on the MPowered Mortgages Solicitor panel?
MPowered Mortgages and other banks normally imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that MPowered Mortgages have no responsibility for the quality of advice provided by any member of MPowered Mortgages Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
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 MPowered Mortgages will not agree to this. Why was MPowered Mortgages even consulted?
Your lawyer being on the MPowered Mortgages conveyancing panel is duty bound to inform MPowered Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to MPowered Mortgages then they would have to discontinue acting for you and MPowered Mortgages.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the MPowered Mortgages conveyancing panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
I am in the process of refinancing my apartment does my lawyer have to be on the MPowered Mortgages Conveyancing panel?
In theory, you could use a solicitor that is not on MPowered Mortgages conveyancing panel, but MPowered Mortgages would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
My existing mortgage is with MPowered Mortgages. My father retired last week and wants to pay off the mortgage left on the property. After MPowered Mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the MPowered Mortgages conveyancing panel? I do not intend to live at the property once the MPowered Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the MPowered Mortgages panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I recently had an offer accepted on an apartment. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the MPowered Mortgages conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the MPowered Mortgages panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
MPowered Mortgages 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 MPowered Mortgages or your broker and complete any relevant paperwork. MPowered Mortgages will tell you what documents they want. MPowered Mortgages 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. MPowered Mortgages 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.