Rely Mortgages Conveyancing Panel : Questions and Answers
from members of the public
The lawyer my husband and I wanted to use for conveyancing on a purchase said she will levy higher legal fees if my lender is due to their difficult processes! Will I regret using Rely Mortgages? Any comments will be appreciated
Rely 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 Rely Mortgages conveyancing panel. If they are not, this does add further risk of delay as Rely Mortgages will appoint their own solicitors to look after their interest.
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Rely Mortgages was issued random date and we have agreed a date for me to move into the property on 10 days inc Day of week eg. Mon. My lawyer has advised that as she is on the Rely Mortgages conveyancing panel she needs to redo the searches as they are now out of date.
A precondition to being on the Rely Mortgages approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Rely Mortgages)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Rely Mortgages.
Is it necessary during the course of the conveyancing process to attend the offices of the Rely Mortgages conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Newcastle
so that I can pop in to their offices if required.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
.
I was expecting to complete on my flat last Thursday. My lawyer’s firm is on the Rely Mortgages conveyancing panel but has changed address in the past couple of months and had not informed Rely Mortgages of their new address. Rely Mortgages is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most 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 Rely Mortgages branch or your mortgage broker to see if they can help.
Do conveyancing lawyers on the Rely Mortgages conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
We were going to get a DIP from Rely Mortgages this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Rely Mortgages recommend a solicitor on the Rely Mortgages conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the Rely Mortgages conveyancing panel. The solicitor represents both you and the Rely Mortgages through the process.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Rely Mortgages. Conveyancing is new to me. 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 Rely Mortgages you will need to appoint a solicitor on the Rely Mortgages conveyancing panel.