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I am in the process of selling my apartment and the estate agent has just texted me to say that the purchasers are changing their law firm. I am told that this is due to the fact that ASTRA mortgages will only engage with property lawyers on their approved list. Why would a big named mortgage company only work with certain law firms?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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 being contacted daily by practices 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 solicitor has requested from me identification documents saying that this forms part of his retainer as a solicitor on the ASTRA mortgages Conveyancing panel. This is news to me - can I refuse?
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 ASTRA mortgages your lawyer also has to check ID documents to satisfy ASTRA mortgages
Do I need to have a meeting at the offices of the ASTRA mortgages conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Liverpool
so that I can attend their offices if required.
Whereas this was necessary 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Liverpool
.
My grandmother passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to ASTRA mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then ASTRA mortgages will insist on your using a conveyancer on the ASTRA mortgages 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 ASTRA mortgages 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 ASTRA mortgages mortgage is registered as a charge at the Land Registry.
Last month we had a mortgage agreed in principle with ASTRA mortgages. Solicitors have been appointed? How long does it take for ASTRA mortgages to send the offer to our conveyancer
Some lenders take longer than others. Have ASTRA mortgages completed the valuation? Have you advised ASTRA mortgages as your lawyers details and checked that your lawyer is on the ASTRA mortgages conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I have today made my last payment due on mortgage with ASTRA mortgages. I assume I don't need a solicitor on the ASTRA mortgages panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your ASTRA mortgages mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the ASTRA mortgages mortgage from the register. ASTRA mortgages,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the ASTRA mortgages has sent the Land Registry the discharge electronically, and
the ASTRA mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your ASTRA mortgages mortgage has been paid off.
I am selling my flat. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, ASTRA mortgages are being pedantic. The solicitor who is on the ASTRA mortgages conveyancing panel is saying indemnity insurance will be fine but ASTRA mortgages are requiring a building regulation certificate. Why do ASTRA mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that ASTRA mortgages have referred the matter to their valuer. The reason why ASTRA mortgages 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.
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Transfer of Equity for ASTRA mortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors