Find an Approved Solicitor on the ITL Mortgages
Frequently asked questions relating to the ITL Mortgages Conveyancing Panel
I am in the process of selling my apartment and the EA has just e-mailed to advise that the purchasers are changing their solicitor. I am told that this is due to the fact that ITL Mortgages will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with certain solicitors?
Mortgage companies 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 Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
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 hearing daily from firms 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.
My solicitor has spotted a discrepancy when comparing the information in ITL Mortgages’s valuation survey and what is in the title deeds. My lawyer has advised that as he is on the ITL Mortgages conveyancing panel he needs to ensure that the bank is OK with this discrepancy and is content go ahead. Is my conveyancer’s approach correct?
A precondition to being on the ITL Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on ITL Mortgages) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the ITL Mortgages conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for ITL Mortgages ?
We do not recommend specific firms as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
My aunt passed away last year and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to ITL Mortgages , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then ITL Mortgages will insist on your using a conveyancer on the ITL Mortgages 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 ITL Mortgages 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 ITL Mortgages mortgage is registered as a charge at the Land Registry.
We have a mortgage agreed in principle with ITL Mortgages. Solicitors have been instructed? What is the average time that one could expect to receive a mortgage offer from ITL Mortgages?
There is no definitive answer here. Have ITL Mortgages conducted the survey? Have you advised ITL Mortgages as your lawyers details and checked that your lawyer is on the ITL Mortgages conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I am about to exchange contracts on a purchase with a mortgage from ITL Mortgages. The report from my solicitor mentions that ITL Mortgages could withdraw their offer before completion. Is this right?
Lenders such as ITL Mortgages can revoke their mortgage offer although this rarely happens. should ITL Mortgages withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
If the borrower informs ITL Mortgages of a change in security address
If the borrower informs ITL Mortgages of a change in the loan amount agreed
Where the lender has to take account a recent change in taxation
Where the sale is not at arms length for value to unconnected persons
Where the lender is on notice of a restriction or a right of pre-emption which is not at market value
Me and my partner are buying a 1st floor apartment in Hendon. Conveyancing solicitors in Hendon are preferred to beretained. My fathersuggested that we check that the conveyancing practitioner in Hendon is on the ITL Mortgages panel. Surely I don't need to do this, do I?
Not all Hendon conveyancing practices are on the ITL Mortgages conveyancing panel. Use the above search tool to locate a Hendon conveyancing lawyer
on the on the ITL Mortgages approved list of lawyers.