Find an Approved Solicitor on the Capital Home Loans
Q and A’s regarding the Capital Home Loans Solicitor Panel
I am in the process of selling my house and the estate agent has just called to advise that the buyers are swapping conveyancer. I am told that this is due to the fact that Capital Home Loans will only work with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific law firms?
Mortgage companies have always had panels 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.
Banks point to the increase 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.
Our conveyancer has identified a defect with the lease for the apartment we are purchasing. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the Capital Home Loans conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is Capital Home Loans?
Just because you have a mortgage offer from Capital Home Loans does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Capital Home Loans are the client. These conveyancing instructions have to be complied with by the Capital Home Loans conveyancing panel who has to balance acting for you and Capital Home Loans
I am planning to acquire a flat and require a conveyancing solicitor in who is on the Capital Home Loans solicitor. Can you recommend a local solicitor?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for Capital Home Loans . We don’t recommend any particular firm.
We're in Wales, FTBs buying with a mortgage (lender is Capital Home Loans , but our lawyer is on the Capital Home Loans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Capital Home Loans conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
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 Capital Home Loans conveyancing panel requirements are different to Capital Home Loans’s conveyancing panel criteria.
I recently had an offer accepted on a house. My mortgage broker pressured me to appoint their lawyers I paid an upfront payment of 175. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Capital Home Loans conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Capital Home Loans panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Capital Home Loans are being difficult. The solicitor who is on the Capital Home Loans conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Capital Home Loans are requiring a building regulation certificate. Why do Capital Home Loans have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Capital Home Loans have referred the matter to their valuer. The reason why Capital Home Loans 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.