The Mortgage Business Conveyancing Panel Recently Asked Questions
from members of the public
I appointed a solicitor to conveyancing on my house purchase 5 weeks ago having applied for a mortgage with The Mortgage Business. The law firm reassured me that they are on The Mortgage Business conveyancing panel and advised me their panel reference. The Mortgage Business then ,via my broker advised that their panel number was dormant and would need to be reactivated. What happens next? Should I appoint a new solicitor listed on the approved panel for The Mortgage Business?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the The Mortgage Business conveyancing panel You may wish to enlist the help of your broker to check with the The Mortgage Business as to how long they think it will take to get the firm to get back on the panel.
My conveyancer has identified a discrepancy when comparing the assumptions in The Mortgage Business’s home valuation survey and what is revealed within the conveyancing documents. My lawyer says that as he is on the The Mortgage Business conveyancing panel he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
A precondition to being on the The Mortgage Business approved panel is to comply with the CML Handbook requirements (last updated for this lender on The Mortgage Business) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the The Mortgage Business conveyancing panel solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can pop in to their offices if required.
Most conveyancing panel lawyers for The Mortgage Business undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
We're in London, FTBs purchasing with a mortgage (lender is The Mortgage Business , but our solicitor is on the The Mortgage Business conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the The Mortgage Business conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Can I be sure that the solicitor on the The Mortgage Business panel is any good?
seeking recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your conveyancing
I currently have a mortgage with with The Mortgage Business. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform The Mortgage Business?
You must advise The Mortgage Business prior to renting your property as this is likely to be a breach of The Mortgage Business’s mortgage conditions. In many cases banks or building societies will permit you to let 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.
My ex -wife’s name is on the The Mortgage Business mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the The Mortgage Business mortgage in order to sell?
In terms of the The Mortgage Business mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of The Mortgage Business in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.