Find an Approved Solicitor on the ITL Mortgages
Frequently asked questions relating to the ITL Mortgages Solicitor Panel
My husband and I are first time buyers. Within the 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. ITL Mortgages have this evening contacted us to inform me that there is now an issue as our lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your property lawyers should contact ITL Mortgages and see if they can apply for membership of the ITL Mortgages conveyancing panel, but if that is not viable ITL Mortgages will instruct their own lawyers to represent them. You don't have to instruct a firm on the ITL Mortgages conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Can you help?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from ITL Mortgages was date stamped random date and we have agreed a date for me to move into the property on Tues etc. My lawyer has advised that as she is on the ITL Mortgages conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
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 states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to ITL Mortgages.
Do I have to visit the offices of the ITL Mortgages conveyancing panel solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in London
so that I can attend their offices if necessary.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in London
I would like to get my ex-wife removed the mortgage deeds. Can ITL Mortgages really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but ITL Mortgages 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 ITL Mortgages solicitors panel
I had instructed online solicitors based in Manchester who are on the ITL Mortgages solicitor panel. They have just invoiced me a separate fee of £135 for dealing with the ITL Mortgages mortgage. Is this an additional conveyancing fee specified by ITL Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by ITL Mortgages but by your lawyers. Some firms on the ITL Mortgages will charge an ‘acting for lender’ fee and others do not.
I have today made my last payment due on mortgage with ITL Mortgages. I assume I don't need a solicitor on the ITL Mortgages panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your ITL Mortgages 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 ITL Mortgages mortgage from the register. ITL Mortgages,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 ITL Mortgages has sent the Land Registry the discharge electronically, and
the ITL Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your ITL Mortgages mortgage has been paid off.
I currently have a mortgage with with ITL Mortgages. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform ITL Mortgages?
Your original mortgage agreement with ITL Mortgages will provide that you need their approval in advance of renting your property as this is likely to be a breach of ITL Mortgages’s mortgage conditions. It may be that ITL Mortgages 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 ITL Mortgages directly. You need not do this via a ITL Mortgages conveyancing panel lawyer.