Q and A’s regarding the Precise Mortgages Conveyancing Panel from members of the public
I appointed a solicitor to work on my remortgage 4 weeks ago having applied for a mortgage with Precise Mortgages. The law firm reassured me that they are on Precise Mortgages conveyancing panel and advised me their panel reference. Precise Mortgages then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm currently on the approved panel for Precise 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 Precise Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the Precise Mortgages as to the time frame to get your lawyer reinstated on the panel once again.
We are nearing an exchange and my mum and dad having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Precise Mortgages. Apparently, being on the Precise Mortgages conveyancing panel and acting on their behalf he must inform Precise Mortgages if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Precise Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Precise Mortgages if you agree, failing which, your lawyer must cease to continue acting.
Is it necessary during the course of the conveyancing process to attend the offices of the Precise Mortgages conveyancing panel solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in London
so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Precise 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 due to complete on my first house last Thursday. My solicitor is on the Precise Mortgages conveyancing panel but has changed address in the past couple of months and had not advised Precise Mortgages of their new address. Precise 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. The majority of 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 Precise Mortgages branch or your mortgage broker to see if they can assist.
Can I be sure that the solicitor on the Precise Mortgages panel is any good?
obtaining recommendations is a good start. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer conducting your transaction
I am currently in the process of buying my council flat. I have a mortgage agreed with Precise Mortgages. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Precise Mortgages you will need to appoint a solicitor on the Precise Mortgages conveyancing panel.
Planning on purchasing a house with a mortgage with Precise Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Precise Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Precise Mortgages conveyancing panel