Find an Approved Solicitor on the MPowered Mortgages
MPowered Mortgages Conveyancing Panel : Questions and Answers
My husband and I are novices when it comes to buying a property. Within the last couple of days our property lawyer has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. MPowered Mortgages have this afternoon contacted us to inform me that there is now an issue as our conveyancer is not on their approved list of lawyers. 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 Quality Scheme.
Your solicitors should contact MPowered Mortgages and see if they can apply for membership of the MPowered Mortgages conveyancing panel, but if that is not viable MPowered Mortgages will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the MPowered Mortgages conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My conveyancer has identified a discrepancy between the assumptions in MPowered Mortgages’s valuation report and what is revealed within the title deeds. My lawyer has advised that as he is on the MPowered Mortgages conveyancing panel he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action legitimate?
A precondition to being on the MPowered Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on MPowered 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 Leeds on the MPowered Mortgages conveyancing panel. Can you recommend a specific firm on the conveyancing panel for MPowered 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. Before you appoint your lawyer we advise you to speak to two or three of the firms listed to gain comfort as to which one is right for you..
My uncle passed away 10 months ago and as sole heir and executor was left the property. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to MPowered Mortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then MPowered Mortgages will insist on your using a conveyancer on the MPowered 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 MPowered 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 MPowered Mortgages mortgage is registered as a charge at the Land Registry.
is it true that all solicitor practices on the MPowered Mortgages conveyancing panel overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the MPowered Mortgages 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).
I have paid off my mortgage with MPowered Mortgages. I assume I don't need a solicitor on the MPowered Mortgages panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your MPowered 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 MPowered Mortgages mortgage from the register. MPowered 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 MPowered Mortgages has sent the Land Registry the discharge electronically, and
the MPowered Mortgages has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your MPowered Mortgages mortgage has been paid off.
Planning on purchasing a house with a mortgage with MPowered Mortgages. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the MPowered Mortgages conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the MPowered Mortgages conveyancing panel