Find an Approved Solicitor on the ITL Mortgages
FAQs for the ITL Mortgages Solicitor Panel
My wife and I are first time buyers. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. ITL Mortgages have this morning contacted us to advise us that they have now hit a problem as our lawyer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance 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 Accreditation 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 are not legally obliged to appoint a law firm on the ITL Mortgages conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Can you clarify something for me?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from ITL Mortgages was dated random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer has advised that as she is on the ITL Mortgages conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the ITL Mortgages approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on ITL Mortgages)which specifies 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.
I am planning to acquire a house and require a conveyancing solicitor in London who is on the ITL Mortgages approved. Can you recommend a local firm?
Our service is a directory service for firms who wish to be listed as being on the approved conveyancing panel for ITL Mortgages . We don’t recommend any particular firm.
My conveyancers in Leeds have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with ITL Mortgages. Is it case that being on the ITL Mortgages conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the ITL Mortgages Conveyancing Panel Terms. It might be worth you contacting ITL Mortgages directly.
In what circumstances might ITL Mortgages amend or withdraw their mortgage offer?
Banks and Building Societies such as ITL Mortgages can revoke their mortgage offer although this is unusual. If ITL Mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
ITL Mortgages may amend or withdraw an offer if the ITL Mortgages conveyancing panel solicitor is unable to confirm compliance with any of the conditions of the mortgage offer or if any of the terms of the mortgage offer cannot be satisfied
Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that ITL Mortgages conveyancing panel solicitors would be obliged to notify ITL Mortgages of a change in the price of the property.
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 Lender’s right to possession is fettered in some way
If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
I am selling my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, ITL Mortgages are being pedantic. The solicitor who is on the ITL Mortgages conveyancing panel is happy to accept ‘lack of building regulation’ insurance but ITL Mortgages are insisting on a building regulation certificate. Why do ITL Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that ITL Mortgages have referred the matter to their valuer. The reason why ITL Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties booked. My conveyancing solicitor has been instructed. What do I do now? At what point should I appy for the mortgage with ITL Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the ITL Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with ITL Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.