Q and A’s regarding the Precise Mortgages Conveyancing Panel from members of the public
My fiance and I are buying a 2 bedroom flat in Hackney with a mortgage from Precise Mortgages. We have a lawyer but Precise Mortgages says he's not on their "panel". We have to appoint one of the Precise Mortgages panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Precise Mortgages use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Precise Mortgages conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Precise Mortgages
I do hope you can help me. My solicitor is advising me that she is duty-bound to conduct a Local Authority search as the firm are on the Precise Mortgages approved lawyer panel. Is my lawyer correct?
You have limited options available to you. As you are taking a mortgage with Precise Mortgages your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Precise Mortgages’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Precise Mortgages. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
How do I search for a local solicitor on the Precise Mortgages conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the conveyancer.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Precise Mortgages solicitor panel.
I was supposed to complete on my flat yesterday. My solicitor is on the Precise Mortgages conveyancing panel but has moved offices in the past couple of months and had not informed Precise Mortgages of their new address. Precise Mortgages has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is as unusual as it is unlucky. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Precise Mortgages branch or your mortgage broker to see if they can assist.
We are getting a further advance on our mortgage from Precise Mortgages as we wish to carry out alterations or improvements our home. Do we need to appoint a solicitor on the Precise Mortgages conveyancing panel to deal with the paperwork?
Precise Mortgages would not normally instruct firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Precise Mortgages list
We were going to get a DIP from Precise Mortgages this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Precise Mortgages recommend a solicitor on the Precise Mortgages conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Precise Mortgages conveyancing panel. The solicitor represents both you and the Precise Mortgages through the process.
My husband and I are in the process of looking at flats and am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Precise Mortgages
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Precise Mortgages , make sure you remember to check that your lawyer is on the Precise Mortgages conveyancing panel.