Frequently asked questions relating to the Landmark Mortgages Conveyancing Panel
from members of the public
My fiance and I are FTBs. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Landmark Mortgages have this evening contacted us to advise us that there is now an issue as our conveyancer is not on their conveyancing panel. 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 Landmark Mortgages and see if they can apply for membership of the Landmark Mortgages conveyancing panel, but if that is not viable Landmark Mortgages will instruct their own solicitors to act. You don't have to instruct a firm on the Landmark Mortgages conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are getting closer to an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Landmark Mortgages. Apparently, being on the Landmark Mortgages conveyancing panel and acting on their behalf he must inform Landmark Mortgages if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Landmark Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Landmark Mortgages if you agree, failing which, your lawyer must cease to continue acting.
I note that you have a post code search directory identifying solicitors on the Landmark Mortgages conveyancing panel. Do firms pay you a referral fee if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Landmark Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Landmark Mortgages conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Landmark Mortgages 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.
In what circumstances might Landmark Mortgages amend or withdraw their mortgage offer?
Banks and Building Societies such as Landmark Mortgages can revoke their mortgage offer although this rarely happens. In the unlikely event that Landmark Mortgages 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 5 examples:
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A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
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Where the lender has to take account a recent change in taxation
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Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
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Where the Lender’s right to possession is fettered in some way
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If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Landmark Mortgages on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Landmark Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Landmark Mortgages panel she or he must comply with the CML Handbook requirements for Landmark Mortgages. Unless your lawyer obtains specific confirmation in writing that Landmark Mortgages will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Landmark Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
My offer on house has been accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What should be my next step? When should I get the mortgage app going with Landmark Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Landmark Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Landmark Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.