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You will need to have a conveyancer complete the legal work required when you take out a Precise Mortgages mortgage to buy your property. They’ll carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You can instruct a conveyancing firm of your choice. However, if the firm selected is not a member of the Precise Mortgages conveyancing panel additional costs will be incurred as separate legal representation will be required by Precise Mortgages. Conveyancing panel applications can be submitted, so if your conveyancer has not previously applied for membership they can do so.

Your lawyer is obliged to check with Precise 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 Precise Mortgages if you agree, failing which, your lawyer must cease to continue acting.

The law firm practices themselves provide us confirmation that they are on the Precise Mortgages conveyancing panel as opposed to being supplied with a list from Precise Mortgages directly.

If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Precise Mortgages conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help

Precise Mortgages do not ordinarily appoint a member of their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Precise Mortgages panel

If you are getting a mortgage with Precise Mortgages involved you will need to appoint a solicitor on the Precise 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 Precise Mortgages. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Precise Mortgages conveyancing panel.

Your original mortgage agreement with Precise Mortgages will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Precise Mortgages’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Precise Mortgages directly. It should not be necessary to do this via a Precise Mortgages conveyancing panel lawyer.