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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.
Find an Approved Solicitor on the Foundation Home Loans Conveyancing Panel
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On what basis could a firm of solicitors be removed from the Foundation Home loans solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of law firms had been excluded from a lender panel. The top reasons in order are :
- Low volume 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
Expecting to complete my purchase next Friday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for Foundation Home loans. What risks do Foundation Home loans expect the insurance to cover?
All property lawyers on the Foundation Home loans 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 Foundation Home loans’s Part 2 requirements of the CML Handbook (last updated on Foundation Home loans). Being on the Foundation Home loans conveyancing panel your lawyer is expect to follow these instructions.
Do all the licensed conveyancers and solicitor practices listed on your search have online case tracking as I was under the impression that this was a precondition of being on the Foundation Home loans conveyancing panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I am selling my house. Does my solicitor have to be on the Foundation Home loans conveyancing panel in order to deal with redeeming 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.
For 5 years I had a mortgage with Foundation Home loans. My father retired last week and wants to pay off my mortgage. 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.
You
will need a solicitor but they need not be on the Foundation Home loans conveyancing 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.
After much negotiation I have agreed a price on an apartment. My financial adviser recommended their conveyancers I paid an upfront payment of 175. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Foundation Home loans conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Foundation Home loans panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three weeks ago that my mortgage has been agreed
to by Foundation Home loans. Is it usual for Foundation Home loans to only issue the offer once my
solicitor is approved on their conveyancing panel?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Foundation Home loans to deal with your lawyers application to be on the Foundation Home loans conveyancing panel. There's no guarantee that your solicitors will be accepted.