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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?
Find an Approved Solicitor on the Mortgage Agency Services Conveyancing Panel
Q and A’s regarding the Mortgage Agency Services Conveyancing Panel
On what basis could a firm of solicitors be removed from the Mortgage Agency Services solicitor panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The most common reasons in order are :
- Low volume of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Mortgage Agency Services
My lawyer is asking me for proof of ID documents stating that this forms part of his obligations as a solicitor on the Mortgage Agency Services Conveyancing panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that Mortgage Agency Services also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with Mortgage Agency Services CML Handbook requirements last updated on Mortgage Agency Services
I see that you have a post code search directory listing firms on the Mortgage Agency Services conveyancing panel. Do firms pay you a referral fee if I instruct them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Mortgage Agency Services conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My uncle passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Mortgage Agency Services , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Mortgage Agency Services will insist on your using a conveyancer on the Mortgage Agency Services 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 Mortgage Agency Services 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 Mortgage Agency Services mortgage is registered as a charge at the Land Registry.
Do the majority of banks 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 requirements.
I am about to exchange contracts on a purchase with a mortgage from Mortgage Agency Services. The report from my solicitor mentions that Mortgage Agency Services could withdraw their offer before completion. Is this right?
Lenders such as Mortgage Agency Services can revoke their mortgage offer although this is unusual. If Mortgage Agency Services 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 a few examples:
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the valuer 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 has to take account a recent change in law
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I had an offer accepted on a house on the 7th February 2014, valuation was booked 2 days later, all came back fine. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Mortgage Agency Services and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Mortgage Agency Services conveyancing panel. Are Mortgage Agency Services entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Mortgage Agency Services to deal with your lawyers application to be on the Mortgage Agency Services conveyancing panel. There's no guarantee that your solicitors will be accepted.