Q and A’s regarding the Rooftop Mortgages Solicitor Panel
from members of the public
My fiance and I are novices when it comes to buying a property. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Rooftop Mortgages have this evening contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact Rooftop Mortgages and see if they can apply for membership of the Rooftop Mortgages conveyancing panel, but if that is not viable Rooftop Mortgages will instruct their own lawyers to represent them. You don't have to instruct a firm on the Rooftop Mortgages conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My god-son is about to exchange on a new build apartment with a home loan from Rooftop Mortgages. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Rooftop Mortgages conveyancing panel as a standard part of the process, and to the valuer 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 Rooftop Mortgages conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I note that you have a search directory identifying firms on the Rooftop Mortgages conveyancing panel. Do firms pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Rooftop 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 expelled from the Rooftop Mortgages Solicitor panel in advance of the completion date?
The first thing to point out is that, 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 at a cost.
I have today made my last payment due on mortgage with Rooftop Mortgages. I assume I don't need a solicitor on the Rooftop Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Rooftop Mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Rooftop Mortgages mortgage from the register. Rooftop Mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Rooftop Mortgages has sent the Land Registry the discharge electronically, and
the Rooftop Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Rooftop Mortgages mortgage has been paid off.
I am selling my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Rooftop Mortgages are being pedantic. The solicitor who is on the Rooftop Mortgages conveyancing panel is saying indemnity insurance will be fine but Rooftop Mortgages are insisting on a building regulation certificate. Why do Rooftop Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Rooftop Mortgages have referred the matter to their valuer. The reason why Rooftop 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.
Intending to buy a flat with a mortgage with Rooftop Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Rooftop Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Rooftop Mortgages conveyancing panel
