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Ready to buy a new home? Failing to check that a lawyer is on the Fleet list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the Fleet Mortgages Conveyancing Panel? How can my firm be reinstated onto the Fleet Mortgages Conveyancing Panel?
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The conveyancer my fiance and I wanted to use for conveyancing on a purchase said she will levy higher legal fees if my lender is due to their unusual legal requirements. Will I regret using Fleet Mortgages? Is Fleet Mortgages conveyancing so much more difficult?
Fleet Mortgages conveyancing requirements for their panel are no better or no more complicated than most lenders. It is the case now the CML Handbook, the "bible" used by solicitors to establish lender requirements, is different for each lender. It is not clear if your lawyer is on the Fleet Mortgages conveyancing panel. If they are not, this does add further risk of delay as Fleet Mortgages will appoint their own solicitors to look after their interest.
Our solicitor has identified a legal deficiency with the lease for the flat we are buying. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the Fleet Mortgages conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Fleet Mortgages?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Fleet Mortgages are the client. A precondition to being on the Fleet Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Fleet Mortgages). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Fleet Mortgages can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How do I search for a local solicitor on the Fleet Mortgages conveyancing panel? I have a car and am prepared to travel up to 10 kilometers to meet the solicitor.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Fleet Mortgages solicitor panel.
My grandmother passed away six months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Fleet Mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Fleet Mortgages will insist on your using a conveyancer on the Fleet 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 Fleet 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 Fleet Mortgages mortgage is registered as a charge at the Land Registry.
I had instructed online conveyancers based in Manchester who are on the Fleet Mortgages solicitor panel. They have just invoiced me a separate fee of £135 for the legal aspects of the Fleet Mortgages mortgage. Is this an additional conveyancing fee set by Fleet Mortgages?
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 Fleet Mortgages but by your lawyers. Some firms on the Fleet Mortgages will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I am about to exchange contracts on a purchase with a mortgage from Fleet Mortgages. The report from my solicitor mentions that Fleet Mortgages could withdraw their offer before completion. Is this right?
Banks and Building Societies such as Fleet Mortgages can withdraw their mortgage offer although this is unusual. In the unlikely event that Fleet Mortgages 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:
- Many mortgage offers have an expiry date. Your lawyer should check this. Fleet Mortgages may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the lender has to take account a recent change in law
- Where the sale is not at arms length for value to unconnected persons
- If the solicitor on the Fleet Mortgages conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Fleet Mortgages ‘s instructions
I can not work out if my mortgage offer requires a lease extension . I have called Fleet Mortgages on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Fleet Mortgages 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?
Your lawyer has to follow the CML Handbook Part 2 requirements for Fleet Mortgages. Unless your lawyer obtains specific confirmation in writing that Fleet Mortgages 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 Fleet Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.