The Mortgage Works Conveyancing Panel Example Support Desk Enquires from members of the public
My husband and I are purchasing a 3 bedroom apartment in Leeds with a mortgage from The Mortgage Works. We have a lawyer but The Mortgage Works says she’s not on their "panel". It seems we have little choice but to instruct one of the The Mortgage Works panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the The Mortgage Works conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
I am purchasing a new build apartment and my conveyancer is informing me that she is duty bound to disclose incentives from the seller as her practice is on the The Mortgage Works conveyancing panel. I am nearing the developer’s deadline to exchange contracts and I would rather not delay deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the The Mortgage Works approved panel is to comply with the CML Handbook requirements (last updated for this lender on The Mortgage Works). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the The Mortgage Works conveyancing panel. My lawyer has said that they are on the The Mortgage Works approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the The Mortgage Works conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the The Mortgage Works solicitor panel.
Please explain the implications if my solicitor is removed from the The Mortgage Works Solicitor panel in advance of the completion date?
The first thing to point out is that, 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.
Two weeks ago we had a mortgage agreed in principle with The Mortgage Works. Solicitors have been appointed? How long does it take for The Mortgage Works to send the offer to our conveyancer
There is no definitive answer here. Have The Mortgage Works completed the survey? Have you advised The Mortgage Works as your lawyers details and checked that your lawyer is on the The Mortgage Works conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Intending to buy a house with a mortgage with The Mortgage Works. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the The Mortgage Works conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the The Mortgage Works conveyancing panel
The Mortgage Works have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up The Mortgage Works or your broker and complete any relevant paperwork. The Mortgage Works will tell you what documents they want. The Mortgage Works will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. The Mortgage Works will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.