Precise Mortgages Solicitor Panel Example Support Desk Enquires from members of the public
My lawyer is not listed on the Precise Mortgages Approved Panel. Is it possible for me to use my preferred solicitor even though they are excluded from the Precise Mortgages approved list?
You have a number of options available to you here:
- Complete the purchase 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.
- Convince your lawyer to do everything within their powers to join the Precise Mortgages conveyancing panel
Our grandson is about to exchange on a newly built flat with a home loan from Precise Mortgages. His conveyancer has said that there is 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 surveyor 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.
Do all the licensed conveyancers and solicitor practices listed on your directory have online case tracking as I understood that this was a condition of being on the Precise Mortgages conveyancing 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 house is up for sale and I have a buyer. Does my solicitor have to be on the Precise Mortgages conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Precise Mortgages conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Precise Mortgages conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel approval 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 panels.
When it comes to mortgage companies such as Precise Mortgages do solicitors have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We are getting a further advance on our mortgage from Precise Mortgages as we wish to carry out a loft conversion to 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 conveyancing panel 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
