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Ready to buy a new home? Failing to check that a lawyer is on the Foundation list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?Is my firm on the Foundation Home Loans Conveyancing Panel? How does my firm apply to be on the Foundation Home Loans Conveyancing Panel? How can my firm be reinstated onto the Foundation Home Loans Conveyancing Panel?
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Foundation Home loans Conveyancing Panel : Questions and Answers
For what reasons could a firm of solicitors be excluded from the Foundation Home loans solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Foundation Home loans
My solicitor has discovered a difference when comparing the assumptions in Foundation Home loans’s valuation survey and what is revealed within the conveyancing documents. My solicitor says that as he is on the Foundation Home loans conveyancing panel he is obliged to ensure that the bank is happy with this discrepancy and is content go ahead. Is my solicitor’s approach right?
A precondition to being on the Foundation Home loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Foundation Home loans) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I note that you have a search directory listing firms on the Foundation Home loans conveyancing panel. Do firms pay you a commission if I appoint them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Foundation Home loans conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My house is up for sale and I have a buyer. Does my solicitor have to be on the Foundation Home loans conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Foundation Home loans conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Is it the case that all solicitors on the Foundation Home loans conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Foundation Home loans conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I previously instructed online solicitors located in Bristol who are on the Foundation Home loans solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the Foundation Home loans mortgage. Is this an additional conveyancing fee set by Foundation Home loans?
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 Foundation Home loans but by your lawyers. Some firms on the Foundation Home loans will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
We are getting a further advance on our mortgage from Foundation Home loans as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Foundation Home loans conveyancing panel to deal with the paperwork?
Foundation Home loans do not ordinarily appoint a member of their conveyancing panel to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Foundation Home loans list