Find an Approved Solicitor on the Foundation Home Loans
Foundation Home loans Conveyancing Panel : Questions and Answers
My partner and I are first time buyers. Within the 48 hours our solicitor 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 inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit 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 are not legally obliged to appoint a law 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 may delay matters as you are adding another lawyer into the mix.
Our son-in-law is buying a new build apartment with a home loan from Foundation Home loans. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Foundation Home loans conveyancing panel as a standard part of the process, and to the valuer when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Foundation Home loans conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Foundation Home loans conveyancing panel. My lawyer has said that they are on the Foundation Home loans approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Foundation Home loans conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Foundation Home loans solicitor panel.
My lawyers in Leeds have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with Foundation Home loans. Is it case that being on the Foundation Home loans conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Foundation Home loans Conveyancing Panel Terms. It might be worth you contacting Foundation Home loans directly.
How can we tell if a solicitor on the Foundation Home loans panel is any good?
obtaining recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your transaction
Two weeks ago we had a mortgage agreed in principle with Foundation Home loans. Solicitors have been instructed? How long does it take for Foundation Home loans to send the offer to our conveyancer
Some lenders take longer than others. Have Foundation Home loans done the survey? Have you advised Foundation Home loans as your lawyers details and checked that your lawyer is on the Foundation Home loans conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
Completion of my remortgage has taken place with a mortgage from Foundation Home loans. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Foundation Home loans. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the Foundation Home loans branches or the Customer Services Department at Foundation Home loans head office. In most cases complaints to Foundation Home loans are resolved effectively and efficiently. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service
who will take matters further.