Precise Mortgages Conveyancing Panel Sample Enquires to our Call Center from members of the public
My husband and I are purchasing a 3 bedroom apartment in London with a mortgage from Precise Mortgages. We like our lawyer but Precise Mortgages says he's not on their "panel". It seems we have little choice but to instruct one of the Precise Mortgages panel firms 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 lawyer to apply to be on the conveyancing panel for Precise Mortgages
Our conveyancer has discovered a legal deficiency with the lease for the apartment we are buying. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the Precise Mortgages conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Precise Mortgages?
Just because you have a mortgage offer from Precise Mortgages does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Precise Mortgages are the client. The appropriate lender requirements have to be complied with by the Precise Mortgages conveyancing panel who has to balance acting for you and Precise Mortgages
I have been looking for competitive conveyancing fees. Can I be confident that all the practices that are listed on your directory are on the Precise Mortgages conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Precise Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Precise Mortgages panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Precise Mortgages conveyancing panel is incorrect.
We're in Wales, First timers purchasing with a mortgage (lender is Precise Mortgages , but our lawyer is on the Precise Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Precise Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Precise Mortgages conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I recently had an offer accepted on a house. My financial adviser recommended their conveyancers I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Precise Mortgages conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Precise Mortgages panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender 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 booked. My conveyancing solicitor has been instructed. What do I do now? 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.