Q and A’s regarding the Platform Home Loans Solicitor Panel
from members of the public
I am hoping to receive a offer of a mortgage from Platform Home Loans. I would like to enlist the help of a Licensed Conveyancer. Does the Platform Home Loans Conveyancing panel allow for conveyancers regulated by the CLC
Platform Home Loans’s conveyancing panel is, like many other lenders represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am purchasing a newly built duplex and my conveyancer is informing me that she has to disclose incentives from the builder as her practice is on the Platform Home Loans conveyancing panel. I am under pressure to exchange contracts and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. 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 Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What tools are available to find a local solicitor on the Platform Home Loans conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Platform Home Loans solicitor panel.
My conveyancers in London have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Platform Home Loans. Is it case that being on the Platform Home Loans conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Platform Home Loans Conveyancing Panel Terms. It might be worth you contacting Platform Home Loans directly.
I have paid off my mortgage with Platform Home Loans. I assume I don't need a solicitor on the Platform Home Loans panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Platform Home Loans mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Platform Home Loans mortgage from the register. Platform Home Loans,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Platform Home Loans has sent the Land Registry the discharge electronically, and
the Platform Home Loans has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Platform Home Loans mortgage has been paid off.
The mortgage over my property is with Platform Home Loans. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Platform Home Loans?
Your original mortgage agreement with Platform Home Loans will provide that you need their approval prior to renting your property as this is likely to be a breach of Platform Home Loans’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Platform Home Loans directly. It should not be necessary to do this via a Platform Home Loans conveyancing panel lawyer.
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 do I do now? At what point should I appy for the mortgage with Platform Home Loans?
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 Platform Home Loans 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 Platform Home Loans and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.