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Ready to buy a new home? Failing to check that a lawyer is on the Bluestone Mortgages list of approved solicitors can put your transaction at risk of delay or failure.
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FAQs : The Bluestone Mortgages Solicitor Panel
My property lawyer is not listed on the Bluestone Mortgages Solicitor Panel. Is it possible for me to continue with my preferred solicitor even though they are excluded from the Bluestone Mortgages list of approved lawyers?
You will need to have a conveyancer complete the legal work required when you take out a Bluestone Mortgages mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Bluestone Mortgages conveyancing panel additional costs will be incurred as separate legal representation will be required by Bluestone Mortgages. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.
My fiance and I changing mortgage lender for our maisonette with Bluestone Mortgages. We have a son 19 who lives with us. The solicitor on the Bluestone Mortgages conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Bluestone Mortgages conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Bluestone Mortgages conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Bluestone Mortgages .This is solely used to protect the Bluestone Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Bluestone Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
How up to date is your database of lawyers on the Bluestone Mortgages conveyancing panel? Do Bluestone Mortgages send you an updated list?
The law firm practices themselves provide us confirmation that they are on the Bluestone Mortgages conveyancing panel as opposed to being supplied with a list from Bluestone Mortgages directly.
I am selling my house. Does my solicitor have to be on the Bluestone Mortgages conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Bluestone Mortgages conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do the majority of lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Bluestone Mortgages conveyancing panel requirements are different to Bluestone Mortgages’s conveyancing panel criteria.
I have a mortgage with Bluestone Mortgages. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bluestone Mortgages?
Your original mortgage agreement with Bluestone Mortgages will provide that you need their approval prior to renting your property as this is likely to be a breach of Bluestone Mortgages’s mortgage conditions. It may be that Bluestone Mortgages will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bluestone Mortgages directly. It should not be necessary to do this via a Bluestone Mortgages conveyancing panel lawyer.
At last I have had an offer on an apartment accepted, the seller does however have a dependent purchase. 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? When should I get the mortgage app going with Bluestone Mortgages?
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 Bluestone Mortgages 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 Bluestone Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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Transfer of Equity for Bluestone MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors