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approved by MPoweredMortgages
Ready to buy a new home? Failing to check that a lawyer is on the MPoweredMortgages list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?
How does my firm apply to be on the MPowered Mortgages Conveyancing Panel? How can my firm be reinstated onto the MPowered Mortgages Conveyancing Panel?Find an Approved Solicitor on the MPowered Mortgages Conveyancing Panel
Common questions asked concerning the MPowered Mortgages Conveyancing Panel
Am I correct in assuming that the fact that my solicitor is not identified on the MPowered Mortgages Solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 3 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for MPowered Mortgages.
We are approaching an exchange and my parents having sent 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 MPowered Mortgages. I am advised that, being on the MPowered Mortgages conveyancing panel and acting on their behalf he must inform MPowered Mortgages if the balance of the mortgage advance is coming from anyone other than me. I advised the bank about my parent’s contribution when I applied for the home loan so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with MPowered Mortgages 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 MPowered Mortgages if you agree, failing which, your lawyer must cease to continue acting.
I note that you have a search directory identifying solicitors on the MPowered Mortgages conveyancing panel. Do firms pay you a referral fee if I retain them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the MPowered Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I was supposed to complete on my flat two days ago. My solicitor is on the MPowered Mortgages conveyancing panel but has moved offices 8 weeks ago and had not advised MPowered Mortgages of their new address. MPowered Mortgages is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local MPowered Mortgages branch or your mortgage broker to see if they can assist.
When it comes to mortgage companies such as MPowered Mortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Hi, thinking about buying a house off my mate. Assuming we can agree a figure, what’s the best way to move forward? I hope to get a mortgage with MPowered Mortgages. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with MPowered Mortgages involved you will need to appoint a solicitor on the MPowered Mortgages conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to MPowered Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the MPowered Mortgages conveyancing panel.
My existing mortgage is with MPowered Mortgages. My uncle has just retired and wants to pay off the mortgage left on the property. After MPowered Mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the MPowered Mortgages conveyancing panel? I do not intend to live at the property once the MPowered Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the MPowered Mortgages panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
Other Topics
Transfer of Equity for MPowered MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors