Landmark Mortgages Conveyancing Panel Recently Asked Questions
from members of the public
My partner and I are first time buyers. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Landmark Mortgages have this morning contacted us to inform me that there is now an issue as our solicitor is not on their approved list of lawyers. 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 Accreditation Scheme.
Your property lawyers 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 lawyers to represent them. 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 it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My son is buying a newly built flat with a home loan from Landmark Mortgages. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Landmark Mortgages conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Landmark Mortgages conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How up to date is your database of lawyers on the Landmark Mortgages conveyancing panel? Do Landmark Mortgages send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Landmark Mortgages conveyancing panel as opposed to being supplied with a list from Landmark Mortgages directly.
I am considering applying for a Landmark Mortgages mortgage for purchase of a new build (under development) with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Landmark Mortgages?
In theory, you could use a solicitor that is not on Landmark Mortgages conveyancing panel, but Landmark 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 transaction.
We have a mortgage agreed in principle with Landmark Mortgages. Solicitors have been instructed? How long does it take for Landmark Mortgages to send the offer to our conveyancer
Some lenders take longer than others. Have Landmark Mortgages done the survey? Have you advised Landmark Mortgages as your lawyers details and checked that your lawyer is on the Landmark Mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I am about to exchange contracts on a purchase with a mortgage from Landmark Mortgages. The report from my solicitor mentions that Landmark Mortgages could withdraw their offer before completion. Is this right?
Lenders 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 many potential reasons but here are a few examples:
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Landmark Mortgages may amend or withdraw an offer if the Landmark Mortgages conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
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Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
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Where the sale is not at arms length for value to unconnected persons
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Where the Lender’s right to possession is fettered in some way
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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
My husband and I are spending time viewing apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a home loan with Landmark Mortgages
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Landmark Mortgages , ask your prospective lawyers check they are on the Landmark Mortgages conveyancing panel otherwise they can't do the mortgage legal work.
