FAQs for the The Mortgage Business Solicitor Panel from members of the public
On what basis would a law firm be excluded from the The Mortgage Business approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by The Mortgage Business
Our conveyancer has discovered a defect with the lease for the property we are purchasing. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the The Mortgage Business conveyancing panel he must check that the lender is happy with this solution. Are we the client or is The Mortgage Business?
Just because you have a mortgage offer from The Mortgage Business does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and The Mortgage Business are the client. These conveyancing instructions have to be complied with by the The Mortgage Business conveyancing panel who has to balance acting for you and The Mortgage Business
I require the services of a The Mortgage Business panel solicitor in Belfast. Can you assist?
Unfortunately it’s not apparent 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 London, 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 previously instructed online conveyancers located in Cardiff who are on the The Mortgage Business solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of the The Mortgage Business mortgage. Is this an additional conveyancing fee specified by The Mortgage Business?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by The Mortgage Business but by your lawyers. Some firms on the The Mortgage Business will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with The Mortgage Business. Is there anyway to cut out the solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with The Mortgage Business involved you will need to appoint a solicitor on the The Mortgage Business conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to The Mortgage Business. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the The Mortgage Business conveyancing panel.
Why might a lender such as The Mortgage Business withdraw a mortgage offer?
Banks and Building Societies such as The Mortgage Business can revoke their mortgage offer although this is unusual. should The Mortgage Business withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
- If the solicitor on the The Mortgage Business conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with The Mortgage Business ‘s instructions