FAQs : The Platform Home Loans Conveyancing Panel from members of the public
My husband and I are hoping to buy a 2 bedroom flat in Leeds with a mortgage from Platform Home Loans. We have a lawyer but Platform Home Loans says she’s not on their "panel". It seems we have little choice but to instruct one of the Platform Home Loans panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Platform Home Loans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Platform Home Loans
Our solicitor has uncovered a problem with the lease for the flat we are buying. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the Platform Home Loans conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Platform Home Loans?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Platform Home Loans are the client. A precondition to being on the Platform Home Loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Platform Home Loans). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Platform Home Loans can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Whilst your website is a good idea there are many lawyers listed near Newcastle on the Platform Home Loans conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Platform Home Loans ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I am considering mortgaging my house does my lawyer have to be on the Platform Home Loans Conveyancing panel?
There is nothing to stop you using your solicitor but Platform Home Loans will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am about to exchange contracts on a purchase with a mortgage from Platform Home Loans. The report from my solicitor mentions that Platform Home Loans could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Platform Home Loans can revoke their mortgage offer although this is unusual. If Platform Home Loans 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 number of examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Platform Home Loans may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs Platform Home Loans of a change in the loan amount agreed
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- 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
- Where the sale is not at arms length for value to unconnected persons
We have had an offer accepted on a house I spoke to a solicitor previously used by my brother and he recommended instructing a law firm approved by Platform Home Loans. The estate agent recommended two local firms so I asked Platform Home Loans if the 2 suggested solicitors are approved, which they are not. Platform Home Loans pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Platform Home Loans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Platform Home Loans to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Platform Home Loans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Platform Home Loans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Platform Home Loans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
Platform Home Loans 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 Platform Home Loans or your broker and complete any relevant paperwork. Platform Home Loans will tell you what documents they want. Platform Home Loans 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. Platform Home Loans 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.
