Find a Law Firm
approved by Foundation
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?
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?Find an Approved Solicitor on the Foundation Home Loans Conveyancing Panel
Q and A’s regarding the Foundation Home loans Conveyancing Panel
I have been advised by my broker that I have to pay Foundation Home loans fees if I use my own solicitor. How efficient are the Foundation Home loans conveyancing panel solicitors? I dont care which law firm I use provided that they are good and not exorbitantly priced. Would you recommend a specific law firm on the Foundation Home loans panel?
Foundation Home loans’s conveyancing panel is substantial so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that Foundation Home loans will allow to act for them.
My husband and I intend to remortgage our flat with Foundation Home loans. We have a son 19 who lives with us. The solicitor on the Foundation Home loans conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Foundation Home loans conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Foundation Home loans .This is solely used to protect the Foundation Home loans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Foundation Home loans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been searching for competitive conveyancing fees. Can I be confident that all the law firms that are identified on your directory are on the Foundation Home loans conveyancing panel?
The law firms on our directory have advised us that they are on the Foundation Home loans panel and agreed to advise us to take down their listing in the event of removal off of the Foundation Home loans panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Foundation Home loans conveyancing panel is not accurate.
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Foundation Home loans , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Foundation Home loans will insist on your using a conveyancer on the Foundation Home loans conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Foundation Home loans conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Foundation Home loans mortgage is registered as a charge at the Land Registry.
Why might a lender such as Foundation Home loans withdraw a mortgage offer?
Banks and Building Societies such as Foundation Home loans can revoke their mortgage offer although this is unusual. should Foundation Home loans withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are various possible reasons but here are a number of examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Foundation Home loans conveyancing panel solicitors would be obliged to notify Foundation Home loans of a change in the price of the property.
- Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Following advice from the property assessor on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I have a mortgage with Foundation Home loans. My father has just retired 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 will it roughly 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. There's no capital gains tax for you as it is
your main residence.
I have a mortgage with Foundation Home loans. Conveyancing has been completed some time ago. In the event that I decide 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?
You must advise Foundation Home loans prior to renting your property as this is likely to be a breach of Foundation Home loans’s mortgage conditions. It may be that Foundation Home loans 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