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Platform Home Loans Conveyancing Panel Recently Asked Questions
I am in the process of selling my maisonette and the estate agent has just telephoned to warn that the purchasers are changing their law firm. I am told that this is due to the fact that Platform Home Loans will only deal with solicitors on their approved list. On what basis would a big named lender only deal with certain solicitors?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Our son-in-law is about to exchange on a house that has just been built with a home loan from Platform Home Loans. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Platform Home Loans conveyancing panel as a standard part of the process, and to the surveyor when requested.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Platform Home Loans conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
How do I search for a local solicitor on the Platform Home Loans conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Platform Home Loans solicitor panel.
I was expecting to move into my dream home yesterday. My lawyer’s firm is on the Platform Home Loans conveyancing panel but has moved offices in the past couple of months and had not advised Platform Home Loans of their new address. Platform Home Loans 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. The majority of 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 Platform Home Loans branch or your mortgage broker to see if they can assist.
Do conveyancing lawyers on the Platform Home Loans conveyancing panel work on a no move no charge basis?
On the whole there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
I am currently in the process of buying my council flat. I have a mortgage offer with Platform Home Loans. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Platform Home Loans you will need to appoint a solicitor on the Platform Home Loans conveyancing panel.
I currently have a mortgage with with Platform Home Loans. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Platform Home Loans?
Your original mortgage agreement with Platform Home Loans will provide that you need their approval prior to letting out your property as this is likely to be a breach of Platform Home Loans’s mortgage conditions. It may be that Platform Home Loans will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Platform Home Loans directly. It should not be necessary to do this via a Platform Home Loans conveyancing panel lawyer.
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