FAQs for the Precise Mortgages Conveyancing Panel from members of the public
My financial adviser has informed me that I have to pay Precise Mortgages fees if I use my own solicitor. How efficient are the Precise Mortgages conveyancing panel solicitors? I dont care which law firm I use as long as they're good and reasonably priced. Would you recommend a specific law firm on the Precise Mortgages panel?
Precise Mortgages’s conveyancing panel is substantial so it would be advisable to check with the firms you are getting quotes from whether they are on it. You can search by postcode on the search tool on this site to find solicitors that Precise Mortgages will allow to act for them.
My solicitor has uncovered an inconsistency when comparing the assumptions in Precise Mortgages’s home valuation survey and what is revealed within the conveyancing documents. My solicitor says that as he is on the Precise Mortgages conveyancing panel he needs to ensure that the lender is with this discrepancy and is content go ahead. Is my solicitor’s approach right?
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 both parties.
How up to date is your search tool for the Precise Mortgages conveyancing panel? Do Precise Mortgages send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Precise Mortgages conveyancing panel as opposed to being supplied with a list from Precise Mortgages directly.
My grandmother passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Precise Mortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Precise Mortgages will insist on your using a conveyancer on the Precise Mortgages conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Precise Mortgages conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Precise Mortgages mortgage is registered as a charge at the Land Registry.
Last month we had a mortgage agreed in principle with Precise Mortgages. Solicitors have been appointed? What is the average time that one could expect to receive a mortgage offer from Precise Mortgages?
Some lenders take longer than others. Have Precise Mortgages conducted the valuation? Have you advised Precise Mortgages as your lawyers details and checked that your lawyer is on the Precise Mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I have decided to exercise my right to buy my property off the council. I have a mortgage offer 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.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. 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 should be my next step? 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.