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Ready to buy a new home? Failing to check that a lawyer is on the Landmark list of approved solicitors can put your transaction at risk of delay or failure.
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FAQs for the Landmark Mortgages Conveyancing Panel
My partner and I are FTBs. Within the 48 hours our lawyer has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Landmark Mortgages have this afternoon contacted us to inform me that they have now hit a problem as our solicitor 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 Quality Scheme. Your property lawyers should contact Landmark Mortgages and see if they can apply for membership of the Landmark Mortgages conveyancing panel, but if that is not viable Landmark Mortgages will instruct their own solicitors to act. You don't have to instruct a firm on the Landmark Mortgages conveyancing panel and you may continue to use your own solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We are approaching an exchange and my mum and dad 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 Landmark Mortgages. Apparently, being on the Landmark Mortgages conveyancing panel and acting on their behalf he must inform Landmark Mortgages 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 mortgage so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with Landmark 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 Landmark Mortgages if you agree, failing which, your lawyer must cease to continue acting.
Whilst your website is a good idea there are many lawyers listed near Middlesbrough on the Landmark Mortgages conveyancing panel. Can you recommend a specific firm on the conveyancing panel for Landmark Mortgages ?
We are not in the business of recommending one firm above another 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..
I was expecting to complete on my first house two days ago. My lawyer’s firm is on the Landmark Mortgages conveyancing panel but has moved offices 8 weeks ago and had not informed Landmark Mortgages of their new address. Landmark Mortgages has locked down the release of mortgage 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 Landmark Mortgages branch or your mortgage broker to see if they can help.
Do most 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 Landmark Mortgages conveyancing panel requirements are different to Landmark Mortgages’s conveyancing panel criteria.
My brother and I have agreed a price on a house I spoke to a lawyer previously used by my uncle and he advised instructing a property lawyers approved by Landmark Mortgages. The estate agent recommended two local firms so I asked Landmark Mortgages if the 2 suggested solicitors are approved, which they are not. Landmark Mortgages pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Landmark Mortgages 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Landmark Mortgages for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Landmark Mortgages conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Landmark Mortgages conveyancing panel as it may only take about 2-3 weeks. As long as they meet Landmark Mortgages’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I am currently in the process of buying my council flat. I have a mortgage offer with Landmark Mortgages. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Landmark Mortgages you will need to appoint a solicitor on the Landmark Mortgages conveyancing panel.
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Transfer of Equity for Landmark MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors