FAQs : The Precise Mortgages Conveyancing Panel from members of the public
On what basis could a law firm be excluded from the Precise Mortgages solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Precise Mortgages
Our son-in-law is about to exchange on a house that has just been built with a mortgage from Precise Mortgages. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. 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 requested.
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.
I require the services of a Precise Mortgages panel solicitor in Stirling. Can you assist?
Unfortunately it’s not apparent why you need a Precise Mortgages panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Precise Mortgages to find out which solicitors in Precise Mortgages are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I was expecting to complete on my dream home last Friday. My solicitor is on the Precise Mortgages solicitors 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 help.
We have had an offer accepted on a apartment I spoke to a solicitor previously used by my brother and he recommended using a property lawyers approved by Precise Mortgages. The estate agent recommended two local firms so I asked Precise Mortgages if the 2 suggested solicitors are approved, which they are not. Precise Mortgages pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Precise Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Precise Mortgages for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Precise Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Precise Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet Precise Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I have a mortgage with Precise Mortgages. My grandfather has just retired and wants to pay off my mortgage. After Precise Mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Precise Mortgages conveyancing panel? I do not intend to live at the property once the Precise Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Precise Mortgages panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
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 have 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.
