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Ready to buy a new home? Failing to check that a lawyer is on the theMortgageLender 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 Lender Limited Conveyancing Panel? How can my firm be reinstated onto the The Mortgage Lender Limited Conveyancing Panel?Find an Approved Solicitor on the The Mortgage Lender Limited Conveyancing Panel
The Mortgage Lender Solicitor Panel Example Support Desk Enquires
Am I correct in assuming that the fact that my conveyancer is not on the The Mortgage Lender Solicitor panel that there is a problem with the quality of her work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for The Mortgage Lender.
We are approaching an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender The Mortgage Lender. I am advised that, being on the The Mortgage Lender conveyancing panel and acting on their behalf he must inform The Mortgage Lender if the balance of the mortgage advance is not just from me. I informed the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with The Mortgage Lender 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 Lender if you agree, failing which, your lawyer must cease to continue acting.
Whilst your website is a good idea there are many lawyers listed near Leeds on the The Mortgage Lender conveyancing panel. Can you recommend a specific firm on the conveyancing panel for The Mortgage Lender ?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
I am selling my house. Does my solicitor have to be on the The Mortgage Lender conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the The Mortgage Lender 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.
Is it the case that all conveyancing solicitors on the The Mortgage Lender conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I previously instructed online conveyancers located in Manchester who are on the The Mortgage Lender solicitor panel. They have just invoiced me a separate fee of £195 for the legal aspects of the The Mortgage Lender mortgage. Is this a supplemental conveyancing fee specified by The Mortgage Lender?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by The Mortgage Lender but by your lawyers. Some firms on the The Mortgage Lender will charge an ‘acting for lender’ fee and others do not.
I am about to exchange contracts on a purchase with a mortgage from The Mortgage Lender. The report from my solicitor mentions that The Mortgage Lender could withdraw their offer before completion. Is this right?
Banks and Building Societies such as The Mortgage Lender can revoke their mortgage offer although this rarely happens. In the unlikely event that The Mortgage Lender withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are a few examples:
- Where information comes to The Mortgage Lender ‘s attention regarding the customers or the security that they were not aware of prior to offer that affects their original decision to lend
- The Mortgage Lender may amend or withdraw an offer if the The Mortgage Lender conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
- If the borrower informs The Mortgage Lender of a change in security address
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
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Transfer of Equity for The Mortgage LenderPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors