The Mortgage Lender Solicitor Panel Recently Asked Questions
from members of the public
I would like to know the reason why all property lawyers aren't included on the The Mortgage Lender Solicitor panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Our conveyancer has discovered a legal deficiency with the lease for the property we are buying. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the The Mortgage Lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is The Mortgage Lender?
Just because you have a mortgage offer from The Mortgage Lender 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 Lender are the client. These conveyancing instructions have to be complied with by the The Mortgage Lender conveyancing panel who has to balance acting for you and The Mortgage Lender
I am looking to buy a house and need a conveyancing solicitor in Manchester who is on the The Mortgage Lender approved. Could you point me in the right direction as regards a solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for The Mortgage Lender . We don’t recommend any particular firm.
Please explain the implications if my solicitor is suspended from the The Mortgage Lender Solicitor panel before the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the The Mortgage Lender conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to proceed? I plan to obtain a mortgage with The Mortgage Lender. Is there anyway to cut out the solicitors to save us both money? 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 Lender involved you will need to appoint a solicitor on the The Mortgage Lender 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 Lender. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the The Mortgage Lender conveyancing panel.
I am selling my house. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, The Mortgage Lender are being difficult. The solicitor who is on the The Mortgage Lender conveyancing panel is recommending indemnity insurance as a solution but The Mortgage Lender are insisting on a building regulation certificate. Why do The Mortgage Lender have a conveyancing panel of they don’t accept advice from them?
It is probably the case that The Mortgage Lender have referred the matter to their valuer. The reason why The Mortgage Lender 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.