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approved by Mortgage Agency Services
Ready to buy a new home? Failing to check that a lawyer is on the Mortgage Agency Services list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?Is my firm on the Mortgage Agency Services Conveyancing Panel? How does my firm apply to be on the Mortgage Agency Services Conveyancing Panel? How can my firm be reinstated onto the Mortgage Agency Services Conveyancing Panel?
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Mortgage Agency Services Conveyancing Panel : Questions and Answers
Is there a reason why all UK lawyers are not on the Mortgage Agency Services Solicitor panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
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 Mortgage Agency Services. I am advised that, being on the Mortgage Agency Services conveyancing panel and acting on their behalf he must inform Mortgage Agency Services if the balance of the mortgage advance is coming from anyone other than 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 Mortgage Agency Services 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 Mortgage Agency Services if you agree, failing which, your lawyer must cease to continue acting.
I am Googling for conveyancing quotes online. Can I be sure that all the practices that are listed on your directory are on the Mortgage Agency Services conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Mortgage Agency Services panel and agreed to advise us to take down their listing in the event of removal off of the Mortgage Agency Services 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 Mortgage Agency Services conveyancing panel is not accurate.
I am buying a terraced house and getting a mortgage with Mortgage Agency Services. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Mortgage Agency Services conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Mortgage Agency Services conveyancing panel in your location.
Are all Conveyancing Quality Solicitors on the Mortgage Agency Services conveyancing panel?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Is it the case that all solicitor firms on the Mortgage Agency Services conveyancing panel regulated by the SRA?
As solicitors, in order to be on the Mortgage Agency Services conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Mortgage Agency Services conveyancing panel requirements are different to Mortgage Agency Services’s conveyancing panel criteria.