Common questions asked concerning the Landmark Mortgages Solicitor Panel
from members of the public
For what reasons could a firm of solicitors be excluded from the Landmark Mortgages approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Landmark Mortgages
Expecting to complete my purchase next Friday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Landmark Mortgages. What risks do Landmark Mortgages expect the insurance to cover?
Any lawyer on the Landmark Mortgages 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 Landmark Mortgages’s Part 2 requirements of the CML Handbook (last updated on Landmark Mortgages). Being on the Landmark Mortgages conveyancing panel your lawyer is expect to follow these requirements.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the Landmark Mortgages conveyancing panel?
The firms 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 was due to move into my dream home two days ago. My solicitor is on the Landmark Mortgages solicitors panel but has moved offices 8 weeks ago and had not informed Landmark Mortgages of their new address. Landmark Mortgages has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
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 help.
Do conveyancing lawyers on the Landmark Mortgages conveyancing panel work on a no move no charge basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I was told four weeks ago that my mortgage has been agreed
to by Landmark Mortgages. Is it usual for Landmark Mortgages to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Landmark Mortgages to deal with your lawyers application to be on the Landmark Mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.
Landmark 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 Landmark Mortgages or your broker and complete any relevant paperwork. Landmark Mortgages will tell you what documents they want. Landmark 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. Landmark 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.