Find an Approved Solicitor on the Foundation Home Loans
Conveyancing Panel
Q and A’s regarding the Foundation Home loans Solicitor Panel
I am in the process of selling my apartment and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. The excuse is that Foundation Home loans will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only work with certain law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
We are getting closer to an exchange and my parents having transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Foundation Home loans. I am advised that, being on the Foundation Home loans conveyancing panel and acting on their behalf he must inform Foundation Home loans if the balance of the mortgage advance is not just from me. I disclosed to the bank about my parent’s contribution when I applied for the home loan so is it really necessary for him to raise this?
Your lawyer is obliged to check with Foundation Home loans to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Foundation Home loans if you agree, failing which, your lawyer must cease to continue acting.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Foundation Home loans conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Foundation Home loans conveyancing panel as opposed to being supplied with a list from Foundation Home loans directly.
I am attempting to get my former partner removed the mortgage deeds. Can Foundation Home loans really insist on which solicitor I can or can not retain?
You can use any solicitor you like but Foundation Home loans then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Foundation Home loans solicitors panel
We have had an offer accepted on a house I spoke to a conveyancer previously used by my dad and he recommended using a law firm approved by Foundation Home loans. The estate agent recommended two local firms so I asked Foundation Home loans if the 2 suggested solicitors are approved, which they are not. Foundation Home loans suggested that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Foundation Home loans 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Foundation Home loans for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Foundation Home loans conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Foundation Home loans conveyancing panel as it may only take about 2-3 weeks. As long as they meet Foundation Home loans’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I'm spending time viewing houses and am about to put in an offer. Is it premature to have a solicitor in place? I I am planning to take a home loan with Foundation Home loans
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Foundation Home loans , make sure you remember to check that your lawyer is on the Foundation Home loans conveyancing panel.
On the whole I have been dissatisfied with the level or service received from my lawyer. Is there a Foundation Home loans conveyancing panel complaints department or do I complain directly to the law firm?
There is little point in complaining directly to Foundation Home loans. All solicitors and conveyancer must have a complaints procedure. Usually one can find this information from the solicitor’s or conveyancer’s website or ask at their office. They must tell you about it if you ask.
The Legal Ombudsman will make sure that your complaint is addressed by the solicitor. It can also advise you how to complain.
If a licensed conveyancer does not have a complaints procedure or will not tell you about it, contact the Council for Licensed Conveyancers (CLC), which will make sure that your complaint is properly dealt with by the conveyancer. Please see below for more information.