Rely Mortgages Conveyancing Panel : Questions and Answers
from members of the public
We are purchasing a 1 bedroom flat in London with a mortgage from Rely Mortgages. We like our lawyer but Rely Mortgages says she’s not on their "panel". It seems we have little choice but to instruct one of the Rely Mortgages panel firms or keep our solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Rely Mortgages use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Rely Mortgages conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Rely Mortgages
I am buying a newly constructed apartment and my lawyer is telling me that she is duty bound to reveal incentives from the developer as her firm is on the Rely Mortgages conveyancing panel. I am nearing the developer’s deadline to exchange contracts and my preference is not 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 Rely Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Rely 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.
I am looking to buy a flat and require a conveyancing solicitor in Liverpool who is on the Rely Mortgages solicitor. Could you point me in the right direction as regards a firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Rely Mortgages . We don’t recommend any particular firm.
The firm that just started acting on my house acquisition in Newcastle has suddenly closed. I only went with them because I had to have a solicitor on the Rely Mortgages conveyancing panel and my preferred lawyer was not. I gave my credit card details for them to take £175 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Rely 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 lawyers may be able to assist
My husband and I are spending time viewing apartments and now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Rely Mortgages
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Rely Mortgages , ask your prospective lawyers check they are on the Rely Mortgages conveyancing panel otherwise they can't do the mortgage legal work.
For 5 years I had a mortgage with Rely Mortgages. My grandfather retired last week and wants to pay off my mortgage. After Rely 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 Rely Mortgages conveyancing panel? I do not intend to live at the property once the Rely Mortgages mortgage is discharged.
You
will need a solicitor but they need not be on the Rely Mortgages conveyancing 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I was told two 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?
Mortgage companies tend not to not issue an offer 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.