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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.
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Foundation Home loans Conveyancing Panel : Questions and Answers
My husband and I are purchasing a 1 bedroom flat in Hackney with a mortgage from Foundation Home loans. We would like to retain our lawyer but Foundation Home loans says he's not on their "panel". It seems we have little choice but to instruct one of the Foundation Home loans panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Foundation Home loans use our lawyer?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Foundation Home loans conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Foundation Home loans
I am purchasing a brand new duplex and my lawyer is advising me that she has to disclose incentives from the builder as her practice is on the Foundation Home loans conveyancing panel. I am on a tight deadline to sign contracts and I have no desire to prolong the conveyancing. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. 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). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I need to find a Foundation Home loans panel solicitor in Stirling. 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. After all the cost is only one £1 a month
We're in Wales, First timers buying with a mortgage (lender is Foundation Home loans , but our lawyer is on the Foundation Home loans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Foundation Home loans conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
I have today made my last payment due on 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 have a mortgage with Foundation Home loans. My uncle retired last week and wants to pay off the mortgage left on the property. After Foundation Home loans 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 Foundation Home loans conveyancing panel? I do not intend to live at the property once the Foundation Home loans mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Foundation Home loans 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I currently have a mortgage with with Foundation Home loans. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Foundation Home loans?
Your original mortgage agreement with Foundation Home loans will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Foundation Home loans’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Foundation Home loans directly. It should not be necessary to do this via a Foundation Home loans conveyancing panel firm.
Other Topics
Transfer of Equity for Foundation Home loansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors