Precise Mortgages Conveyancing Panel Sample Enquires to our Call Center from members of the public
A conveyancer my husband and I wanted to use for conveyancing on a purchase said he would charge more if my lender is due to their difficult processes! Will I regret using Precise Mortgages? Any comments will be appreciated
Precise Mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Precise Mortgages conveyancing panel. If they are not, this does add further risk of delay as Precise Mortgages will appoint their own solicitors to look after their interest.
My solicitor has spotted a discrepancy when comparing the information in Precise Mortgages’s home valuation report and what is revealed within the conveyancing documents. My solicitor has advised that as he is on the Precise Mortgages conveyancing panel he needs to ensure that the bank is happy with this discrepancy and is content go ahead. Is my solicitor’s course or action legitimate?
A precondition to being on the Precise Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Precise Mortgages) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
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.
My conveyancers in Newcastle have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Precise Mortgages. Is it case that being on the Precise Mortgages conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender 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 Precise Mortgages Conveyancing Panel Terms. It might be worth you contacting Precise Mortgages directly.
Is it common for Precise Mortgages to withdraw a mortgage offer and what would be the reasoning?
Banks and Building Societies such as Precise Mortgages can withdraw their mortgage offer although this rarely happens. If Precise Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are a few examples:
- Precise Mortgages may amend or withdraw an offer if the Precise Mortgages conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the financial circumstances of the borrower have changed to the detriment and the Precise Mortgages has been notified
- If the borrower informs Precise Mortgages 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
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I am currently in the process of buying my council flat. I have a mortgage agreed with Precise Mortgages. Conveyancing is new to me. 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.
The mortgage over my property is with Precise Mortgages. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Precise Mortgages?
Your original mortgage agreement with Precise Mortgages will provide that you need their approval in advance of renting your property as this is likely to be a breach of Precise Mortgages’s mortgage conditions. It may be that Precise Mortgages will permit you to let 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 Precise Mortgages directly. You need not do this via a Precise Mortgages conveyancing panel lawyer.