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My partner and I are novices when it comes to buying a property. Within the last couple of days our lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Foundation Home loans have this afternoon contacted us to advise us that they have now hit a problem as our solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your solicitors should contact Foundation Home loans and see if they can apply for membership of the Foundation Home loans conveyancing panel, but if that is not viable Foundation Home loans will instruct their own lawyers to represent them. You don't have to instruct a firm on the Foundation Home loans conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are nearing an exchange and my mum and dad having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Foundation Home loans. Apparently, being on the Foundation Home loans conveyancing panel and acting on their behalf he must inform Foundation Home loans if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Foundation Home loans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Foundation Home loans if you agree, failing which, your lawyer must cease to continue acting.
I require the services of a Foundation Home loans panel solicitor in Inverness. Could you help me?
It is not clear why you need a Foundation Home loans panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Foundation Home loans to find out which solicitors in Foundation Home loans are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I am attempting to get my former partner removed the mortgage deeds. Can Foundation Home loans really tell me which solicitor I can or can not use?
You can use any solicitor you like but Foundation Home loans then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Foundation Home loans solicitors panel
Do conveyancing solicitors on the Foundation Home loans conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
I have paid off my mortgage with Foundation Home loans. I assume I don't need a solicitor on the Foundation Home loans panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Foundation Home loans 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 Foundation Home loans mortgage from the register. Foundation Home loans,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 Foundation Home loans has sent the Land Registry the discharge electronically, and
the Foundation Home loans has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Foundation Home loans mortgage has been paid off.
I can not work out if my mortgage offer requires a lease extension . I have called into my local branch Foundation Home loans on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Foundation Home loans conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Foundation Home loans. Unless your lawyer obtains specific confirmation in writing that Foundation Home loans 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 Foundation Home loans to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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