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Ready to buy a new home? Failing to check that a lawyer is on the Mortgage Express 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 Mortgage Express Conveyancing Panel? How can my firm be reinstated onto the Mortgage Express Conveyancing Panel?Find an Approved Solicitor on the Mortgage Express Conveyancing Panel
Frequently asked questions relating to the Mortgage Express (No 2) Conveyancing Panel
I am progressing with the sale of my flat and the estate agent has just telephoned to warn that the purchasers are appointing a new law firm. The excuse is that Mortgage Express (No 2) will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific law firms?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My grandson is purchasing a house that has just been built with a mortgage from Mortgage Express (No 2). His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Mortgage Express (No 2) conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Mortgage Express (No 2) conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I understood that this was a condition of being on the Mortgage Express (No 2) solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
What happens if my lawyer’s firm is expelled from the Mortgage Express (No 2) Solicitor panel prior to completion?
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.
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Mortgage Express (No 2) conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership 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 conveyancing solicitors.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Mortgage Express (No 2) on various occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Mortgage Express (No 2) conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the Mortgage Express (No 2) panel she or he must comply with the CML Handbook requirements for Mortgage Express (No 2). Unless your lawyer obtains specific confirmation in writing that Mortgage Express (No 2) 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 Mortgage Express (No 2) 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 Mortgage Express (No 2). I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Mortgage Express (No 2) 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 Mortgage Express (No 2) conveyancing panel