Rely Mortgages Conveyancing Panel : Questions and Answers from members of the public
I instructed a solicitor to work on my house purchase six weeks ago having applied for a mortgage with Rely Mortgages. The law firm reassured me that they are on Rely Mortgages conveyancing panel and advised me their panel reference. Rely Mortgages then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for Rely Mortgages?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Rely Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the Rely Mortgages as to the time frame to get your lawyer reinstated on the panel once again.
My partner and I intend to remortgage our flat with Rely Mortgages. We have a son approaching twenty who lives with us. The solicitor on the Rely Mortgages conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Rely Mortgages conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Rely Mortgages conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Rely Mortgages .This is solely used to protect the Rely Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Rely Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I note that you have a post code search directory identifying law firms on the Rely Mortgages conveyancing panel. Do firms pay you a commission if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Rely Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Rely Mortgages Conveyancing panel in advance of completion?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My brother and I have had an offer accepted on a apartment I spoke to a lawyer recommended by my uncle and he advised instructing a law firm approved by Rely Mortgages. The estate agent recommended two local firms so I asked Rely Mortgages if the 2 suggested solicitors are approved, which they are not. Rely Mortgages suggested that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Rely 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 Rely Mortgages to suggest a law firm in your location. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Rely 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 Rely Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet Rely 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 Rely Mortgages. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Rely Mortgages?
Rely Mortgages must be informed of your intention prior to letting out your property as this is likely to be a breach of Rely Mortgages’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Rely Mortgages directly. It should not be necessary to do this via a Rely Mortgages conveyancing panel firm.
I was told four weeks ago that my mortgage has been agreed
to by Rely Mortgages. Is it usual for Rely Mortgages to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Rely Mortgages to deal with your lawyers application to be on the Rely Mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.