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Ready to buy a new home? Failing to check that a lawyer is on the The Mtg Business list of approved solicitors can put your transaction at risk of delay or failure.
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How does my firm apply to be on the The Mortgage Business Conveyancing Panel? How can my firm be reinstated onto the The Mortgage Business Conveyancing Panel?Find an Approved Solicitor on the The Mortgage Business Conveyancing Panel
Q and A’s regarding the The Mortgage Business Conveyancing Panel
My wife and I are novices when it comes to buying a property. Within the 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Mortgage Business have this evening contacted us to inform me that they have now hit a problem as our solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact The Mortgage Business and see if they can apply for membership of the The Mortgage Business conveyancing panel, but if that is not viable The Mortgage Business will instruct their own lawyers to represent them. You don't have to instruct a firm on the The Mortgage Business conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our conveyancer has requested from me identification documents asserting that this forms part of his requirements as a conveyancer on the The Mortgage Business Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with The Mortgage Business your lawyer also has to check ID documents to satisfy The Mortgage Business
I am Googling for competitive conveyancing fees. Can I be confident that all the law firms that are identified on your website are on the The Mortgage Business conveyancing panel?
The law firms listed on our site have advised us that they are on the The Mortgage Business panel and agreed to advise us to take down their listing in the event of removal off of the The Mortgage Business panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the The Mortgage Business conveyancing panel is not accurate.
I am considering applying for a The Mortgage Business mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for The Mortgage Business?
There is nothing to stop you using your solicitor but The Mortgage Business will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the The Mortgage Business conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
I can not work out if my mortgage offer requires a lease extension . I have called The Mortgage Business on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the The Mortgage Business conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the The Mortgage Business panel she or he must comply with the CML Handbook requirements for The Mortgage Business. Unless your lawyer obtains specific confirmation in writing that The Mortgage Business will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask The Mortgage Business to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
Intending to buy a flat with a mortgage with The Mortgage Business. 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 Business 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 Business conveyancing panel
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