Precise Mortgages Conveyancing Panel Recently Asked Questions from members of the public
A solicitor I wanted to use for conveyancing on a purchase said he will levy higher legal fees if my lender is due to their unusual legal requirements. Will I regret using Precise Mortgages? Any comments will be appreciated
Precise Mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders.
It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender.
It is not clear if your lawyer is on the Precise Mortgages conveyancing panel. If they are not, this does add further risk of delay as Precise Mortgages will appoint their own solicitors to look after their interest.
I am buying a newly built duplex and my lawyer is telling me that she has to disclose incentives from the builder as her firm is on the Precise Mortgages conveyancing panel. I am on a tight deadline to exchange contracts and I have no desire to prolong matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Precise Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Precise Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Whilst your website is a good idea there are many lawyers listed near Leeds on the Precise Mortgages conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Precise Mortgages ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
The lawyers that I appointed last week on my house acquisition in Brighton has suddenly shut down. They were on acting for me because I needed a lawyer 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 are my options?
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 should be in a position to assist
My wife and I have arranged 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 do not ordinarily instruct a member of 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
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Precise Mortgages are being difficult. The solicitor who is on the Precise Mortgages conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Precise Mortgages are insisting on a building regulation certificate. Why do Precise Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Precise Mortgages have referred the matter to their valuer. The reason why Precise Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage 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.
