The Mortgage Business Conveyancing Panel : Questions and Answers from members of the public
What is the rationale as to why all UK lawyers are not on the The Mortgage Business Conveyancing panel?
The Mortgage Business and other mortgage companies ordinarily imposes restrictions either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that The Mortgage Business have no responsibility for the quality of advice provided by any member of The Mortgage Business Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, Conveyancing is not their speciality? To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime; probably not.
Expecting to complete my purchase next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for The Mortgage Business. What risks do The Mortgage Business expect the insurance to cover?
Any lawyer on the The Mortgage Business conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in The Mortgage Business’s Part 2 requirements of the CML Handbook (last updated on The Mortgage Business). Being on the The Mortgage Business conveyancing panel your lawyer is expect to follow these instructions.
Whilst your website is a good idea there are many lawyers listed near Chelsea on the The Mortgage Business conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for The Mortgage Business ?
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. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
The solicitors that I appointed last week on my house acquisition in Brighton has suddenly closed. I only went with them because I had to have a firm on the The Mortgage Business 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?
If you have an estate agent involved then inform them straight away so that they can let the sellers know 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 The Mortgage Business 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 help
Are all Conveyancing Quality Solicitors on the The Mortgage Business conveyancing panel?
Some major lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I am about to exchange contracts on a purchase with a mortgage from The Mortgage Business. The report from my solicitor mentions that The Mortgage Business could withdraw their offer before completion. Is this right?
Banks and Building Societies such as The Mortgage Business can revoke their mortgage offer although this is unusual. If The Mortgage Business withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. The Mortgage Business may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the borrower informs The Mortgage Business of a change in security address
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that The Mortgage Business conveyancing panel solicitors would be obliged to notify The Mortgage Business of a change in the price of the property.
- Where the lender has to take account a recent change in law
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
For 5 years I had a mortgage with The Mortgage Business. My father has just retired and wants to pay off my mortgage. After The Mortgage Business is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the The Mortgage Business conveyancing panel? I do not intend to live at the property once the The Mortgage Business mortgage is discharged.
You
will need a solicitor but they need not be on the The Mortgage Business 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.
