Q and A’s regarding the Landmark Mortgages Solicitor Panel
from members of the public
I instructed a firm of solicitors to conduct the legal paperwork on my purchase 5 weeks ago having applied for a mortgage with Landmark Mortgages. The firm confirmed to me that they are on Landmark Mortgages conveyancing panel and advised me their panel reference. Landmark Mortgages then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Landmark Mortgages?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Landmark Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the Landmark Mortgages as to how long they think it will take to get the firm to get back on the panel.
I am buying a newly constructed flat and my solicitor is informing me that she is duty bound to reveal incentives from the developer as her firm is on the Landmark Mortgages conveyancing panel. I am nearing the developer’s deadline to sign contracts and my preference is not to delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the Landmark Mortgages panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Landmark Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Landmark Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the Landmark Mortgages conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Newcastle
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Landmark Mortgages undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I was expecting to move into my first house yesterday. My solicitor is on the Landmark Mortgages conveyancing panel but has changed address 8 weeks ago and had not advised Landmark Mortgages of their new address. Landmark Mortgages is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most 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 Landmark Mortgages branch or your mortgage broker to see if they can assist.
I am buying a property where the roof has a solar panel. Landmark Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Landmark Mortgages your lawyer must to check the Landmark Mortgages conveyancing instructions contained in the Part of CML Handbook for Landmark Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Landmark Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
Is it common for Landmark Mortgages to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Landmark Mortgages can withdraw their mortgage offer although this is unusual. In the unlikely event that Landmark Mortgages 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:
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Where information comes to Landmark Mortgages ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
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If the borrower informs Landmark Mortgages of a change in security address
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Where the sale is not at arms length for value to unconnected persons
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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;
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If the solicitor on the Landmark Mortgages conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Landmark Mortgages ‘s instructions
I am due to exchange contracts on my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Landmark Mortgages are being a right pain. The solicitor who is on the Landmark Mortgages conveyancing panel is recommending indemnity insurance as a solution but Landmark Mortgages are requiring a building regulation certificate. Why do Landmark Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Landmark Mortgages have referred the matter to their valuer. The reason why Landmark Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.