Q and A’s regarding the The Mortgage Business Conveyancing Panel from members of the public
I am selling my apartment and the estate agent has just called to warn that the buyers are switching solicitor. The reason given is that The Mortgage Business will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with certain solicitors?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Can you help?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from The Mortgage Business was issued random date and we have agreed a date for me to move into the property on Tues etc. My lawyer says that as she is on the The Mortgage Business conveyancing panel she needs to reorder the searches as they are now out of date.
One of the many conditions to being on the The Mortgage Business approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on The Mortgage Business)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to The Mortgage Business.
I require the services of a The Mortgage Business panel solicitor in Inverness. 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
We're in Liverpool, First timers 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
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with The Mortgage Business. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with The Mortgage Business you will need to appoint a solicitor on the The Mortgage Business conveyancing panel.
I am due to exchange contracts on 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 lender, The Mortgage Business are being a right pain. The solicitor who is on the The Mortgage Business conveyancing panel is happy to accept ‘lack of building regulation’ insurance but The Mortgage Business are requiring a building regulation certificate. Why do The Mortgage Business have a conveyancing panel of they don’t accept advice from them?
It is probably the case that The Mortgage Business have referred the matter to their valuer. The reason why The Mortgage Business 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.
At last I have had an offer on an apartment accepted, but there is a chain. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with The Mortgage Business?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the The Mortgage Business conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with The Mortgage Business and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.