FAQs for the The Mortgage Works Conveyancing Panel from members of the public
I would like to know the reason why all UK lawyers are not on the The Mortgage Works Solicitor panel?
Even though it may seem unfair for The Mortgage Works to restrict who can act for them from the public’s or solicitor’s point of view, the other side of the coin is that the lenders are becoming ever more anxious and feel the necessary need to protect them from mortgage fraud and other illegal activities. As a result of this concern The Mortgage Works have restricted their conveyancing panel to a size that they are happy to control. The The Mortgage Works solicitor panel is not the most difficult to join
We are approaching an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender The Mortgage Works. I am advised that, being on the The Mortgage Works conveyancing panel and acting on their behalf he must inform The Mortgage Works if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with The Mortgage Works to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to The Mortgage Works if you agree, failing which, your lawyer must cease to continue acting.
How up to date is your database of lawyers on the The Mortgage Works conveyancing panel? Do The Mortgage Works send you an updated list?
The law firm practices themselves provide us confirmation that they are on the The Mortgage Works conveyancing panel as opposed to being supplied with a list from The Mortgage Works directly.
My grandfather passed away 10 months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to The Mortgage Works , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then The Mortgage Works will insist on your using a conveyancer on the The Mortgage Works conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your The Mortgage Works conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the The Mortgage Works mortgage is registered as a charge at the Land Registry.
For 5 years I had a mortgage with The Mortgage Works. My godfather retired last week and wants to pay off the mortgage left on the property. After The Mortgage Works is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the The Mortgage Works conveyancing panel? I do not intend to live at the property once the The Mortgage Works mortgage is discharged.
You
will need a solicitor but they need not be on the The Mortgage Works conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
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 buyer's mortgage company, The Mortgage Works are being pedantic. The solicitor who is on the The Mortgage Works conveyancing panel is recommending indemnity insurance as a solution but The Mortgage Works are requiring a building regulation certificate. Why do The Mortgage Works have a conveyancing panel of they don’t accept advice from them?
It is probably the case that The Mortgage Works have referred the matter to their valuer. The reason why The Mortgage Works 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.
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
