Common questions asked concerning the Precise Mortgages Conveyancing Panel from members of the public
It has come to my attention via my mortgage adviser that my solicitor is not on the Precise Mortgages Conveyancing panel. What can I do to check?
The best course of action for you to take is to contact your conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Precise Mortgages.
My fiance and I are refinancing our penthouse with Precise Mortgages. We have a son 18 who lives with us. The solicitor on the Precise Mortgages conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Precise Mortgages conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Precise Mortgages .This is solely used to protect the Precise Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Precise Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Precise Mortgages conveyancing panel. My lawyer has said that they are on the Precise Mortgages approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Precise Mortgages conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Precise Mortgages solicitor panel.
The firm that I appointed last week on my purchase in Manchester has without warning shut down. I only went with them because I needed a lawyer on the Precise Mortgages conveyancing panel and my family lawyer was not. I gave them a cheque for £150 in advance. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Precise Mortgages conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help
The for formalities of my purchase has taken place with a loan from Precise Mortgages. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Precise Mortgages. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the Precise Mortgages branches or the Customer Services Team at Precise Mortgages head office. We understand that complaints to Precise Mortgages are resolved very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am due to exchange contracts on my house. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Precise Mortgages are being difficult. The solicitor who is on the Precise Mortgages conveyancing panel is recommending indemnity insurance as a solution but Precise Mortgages are requiring a building regulation certificate. Why do Precise Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Precise Mortgages have referred the matter to their valuer. The reason why Precise Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? When should I get the mortgage app going with Precise Mortgages?
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 Precise Mortgages 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 Precise Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.