FAQs for the Precise Mortgages Solicitor Panel
from members of the public
I instructed a solicitor to conveyancing on my purchase three weeks ago having applied for a mortgage with Precise Mortgages. The solicitors confirmed to me that they are on Precise Mortgages conveyancing panel and advised me their panel number. Precise Mortgages then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Precise Mortgages?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor 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.
My son is about to exchange on a newly built flat with a home loan from Precise Mortgages. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Precise Mortgages conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Precise Mortgages conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the firms listed on your directory have online case tracking as I understood that this was a condition of being on the Precise Mortgages solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
My grandmother passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Precise Mortgages , pay off the mortgage etc. Is this allowed?
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.
Is there a list of Precise Mortgages panel conveyancers on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
I have paid off my mortgage with Precise Mortgages. I assume I don't need a solicitor on the Precise Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Precise Mortgages 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 Precise Mortgages mortgage from the register. Precise Mortgages,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 Precise Mortgages has sent the Land Registry the discharge electronically, and
the Precise Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Precise Mortgages mortgage has been paid off.
I am currently in the process of buying my council flat. 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.