The Mortgage Business Conveyancing Panel : Questions and Answers from members of the public
The conveyancer my husband and I had intended to instruct on a purchase said he will levy higher legal fees if my lender is due to their unusual legal requirements. Am I likely to be frustrated using The Mortgage Business? Any comments will be appreciated
The Mortgage Business 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 The Mortgage Business conveyancing panel. If they are not, this does add further risk of delay as The Mortgage Business will appoint their own solicitors to look after their interest.
I am due to complete my purchase next Tuesday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house 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?
All property lawyers 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 requirements.
I require the services of a The Mortgage Business panel solicitor in Belfast. Can you assist?
It is not clear why you need a The Mortgage Business panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to The Mortgage Business to find out which solicitors in The Mortgage Business are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
My aunt passed away last year and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to The Mortgage Business , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then The Mortgage Business will insist on your using a conveyancer on the The Mortgage Business conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your The Mortgage Business conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the The Mortgage Business mortgage is registered as a charge at the Land Registry.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the The Mortgage Business conveyancing panel requirements are different to The Mortgage Business’s conveyancing panel criteria.
I have a mortgage with The Mortgage Business. Conveyancing has been completed a year 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 buy-to-let mortgage or inform The Mortgage Business?
Your original mortgage agreement with The Mortgage Business will provide that you need their approval in advance of letting out your property as this is likely to be a breach of The Mortgage Business’s mortgage conditions. It may be that The Mortgage Business 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 The Mortgage Business directly. You need not do this via a The Mortgage Business conveyancing panel lawyer.
After much negotiation I have agreed a price on a house. My financial adviser suggested a solicitor I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the The Mortgage Business conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the The Mortgage Business panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.