FAQs : The Precise Mortgages Solicitor Panel
from members of the public
My lawyer has never been on on the Precise Mortgages Solicitor Panel. Can I still continue with my preferred solicitor even though they are excluded from the Precise Mortgages list of approved lawyers?
You have a number of options available to you here:
- Carry on with your preferred solicitors but Precise Mortgages will need to instruct a lawyer on the Precise Mortgages conveyancing panel. This will result in additional cost and potential delay.
- Get a new solicitor to act in the purchase, obviously checking they are on the Precise Mortgages conveyancing panel.
- Urge your lawyer to apply to join the Precise Mortgages lender panel
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Precise Mortgages will not agree to this. Why was Precise Mortgages even consulted?
Your lawyer being on the Precise Mortgages conveyancing panel is duty bound to inform Precise Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Precise Mortgages then they would have to discontinue acting for you and Precise Mortgages.
Do all the firms listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Precise Mortgages solicitor panel?
The Council of Mortgage Lenders or BSA do not require online case tracking. Some law firms operate such technology and some don't.
The firm that I appointed last week on my purchase in Manchester has without warning closed. They were on acting for me because I had to have a solicitor on the Precise Mortgages conveyancing panel and my previous lawyer was not. I gave my credit card details for them to take £175 for searches. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. 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 solicitors may be able to assist
Are all conveyancing solicitors on the Precise Mortgages conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Precise Mortgages conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I have decided to exercise my right to buy my property off the council. 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