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My wife and I are first time buyers. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans have this evening contacted us to inform me that they have now hit a problem as our solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit 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 Accreditation Scheme.
Your solicitors should contact Platform Home Loans and see if they can apply for membership of the Platform Home Loans conveyancing panel, but if that is not viable Platform Home Loans will instruct their own solicitors to act. You don't have to instruct a firm on the Platform Home Loans conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My partner and I changing mortgage lender for our flat with Platform Home Loans. We have a son 18 who lives with us. The solicitor on the Platform Home Loans conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Platform Home Loans conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Platform Home Loans .This is solely used to protect the Platform Home Loans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Platform Home Loans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I need to attend the offices of the Platform Home Loans conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Liverpool
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Platform Home Loans undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
What happens if my solicitor is suspended from the Platform Home Loans Solicitor panel before completion?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying a property where the roof has a solar panel. Platform Home Loans have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Platform Home Loans your lawyer must to check the Platform Home Loans conveyancing instructions contained in the Part of CML Handbook for Platform Home Loans . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Platform Home Loans where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
Planning on purchasing a house with a mortgage with Platform Home Loans. 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 Platform Home Loans 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 Platform Home Loans conveyancing panel
Platform Home Loans have agreed my mortgage in principle, my offer on house has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure these solicitors are on the lenders panel). Call up Platform Home Loans or your broker and complete any relevant paperwork. Platform Home Loans will tell you what documents they want. Platform Home Loans will instruct a valuer. The valuer will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes about week to get a mortgage offer. Platform Home Loans will issue the offer to you and your lawyer. The transaction will then take it’s course according the nature and complexity of the conveyancing.