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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.
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FAQs for the Fleet Mortgages Conveyancing Panel
Can you please explain the reason why all property lawyers are not on the Fleet Mortgages Solicitor panel?
Before the recession most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
I am due to move into my new home next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Fleet Mortgages. What risks do Fleet Mortgages expect the insurance to cover?
All property lawyers on the Fleet Mortgages conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Fleet Mortgages’s Part 2 requirements of the CML Handbook (last updated on Fleet Mortgages). Being on the Fleet Mortgages conveyancing panel your lawyer is expect to follow these instructions.
I have been searching for online conveyancing estimates. Can I be confident that all the practices that are identified on your directory are on the Fleet Mortgages conveyancing panel?
The law firms listed on our site have assured us via an online form that they are on the Fleet Mortgages panel and agreed to advise us to take down their listing in the event of removal off of the Fleet Mortgages panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Fleet Mortgages conveyancing panel is incorrect.
I was expecting to move into my dream home last Thursday. My solicitor is on the Fleet Mortgages conveyancing panel but has moved offices in the past couple of months and had not advised Fleet Mortgages of their new address. Fleet Mortgages is now refusing to release my funds as the information from the solicitors isn't correct.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Fleet Mortgages branch or your mortgage broker to see if they can help.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Fleet Mortgages be concerned
Given that you are obtaining a mortgage with Fleet Mortgages your lawyer must to check the Fleet Mortgages conveyancing instructions contained in the Part of CML Handbook for Fleet Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Fleet Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
I have a mortgage with Fleet Mortgages. My godfather has just retired and wants to pay off my mortgage. After Fleet Mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Fleet Mortgages conveyancing panel? I do not intend to live at the property once the Fleet Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the Fleet Mortgages panel. You will need a solicitor to draw up the transfer and to deal with the Land Registry formalities. The only thing you need to consider is that by selling at an undervalue so ask your lawyer about the implications. There could be an inheritance tax issue if you die within 7 years of this. There's no capital gains tax for you as it is your main residence.
I am currently in the process of buying my council flat. I have a mortgage agreed with Fleet Mortgages. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Fleet Mortgages you will need to appoint a solicitor on the Fleet Mortgages conveyancing panel.