Ready to buy a new home? Failing to check that a lawyer is on the Precise Mtgs list of approved solicitors can put your transaction at risk of delay or failure.
I am hoping to receive a offer of a mortgage from Precise Mortgages. my intention is to retain the legal services of a Licensed Conveyancer. Does the Precise Mortgages Conveyancing panel exclude conveyancers regulated by the CLC
Precise Mortgages’s approved solicitor list is, like many other lenders represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am purchasing a newly built flat and my conveyancer is advising me that she has to reveal incentives from the seller as her firm is on the Precise Mortgages conveyancing panel. I am under pressure to exchange contracts and I have no desire to delay deal. Can I insist on an exchange regardless of what my lawyer says about being on the Precise Mortgages panel?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Precise Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Precise Mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the lawyers identified as being on the Precise Mortgages conveyancing panel, together with their details provided by Precise Mortgages?
The firms 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.
I am refinancing my property does my lawyer have to be on the Precise Mortgages Solicitor panel?
In theory, you could use a solicitor that is not on Precise Mortgages conveyancing panel, but Precise Mortgages would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Do conveyancing solicitors on the Precise Mortgages conveyancing panel work on a no move no charge basis?
There is generally 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 service
How can we tell if a solicitor on the Precise Mortgages panel is any good?
seeking recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your transaction
We are are remortgaging a garden flat in Hendon. Conveyancing solicitors in Hendon will soon beretained. My agentadvised that we double-check that the conveyancing practitioner in Hendon is on the Precise Mortgages list of approved conveyancing firms. Surely I don't need to do this, do I?
It is not that case that all Hendon conveyancing firms are on the Precise Mortgages conveyancing panel. Use the above search tool to find a Hendon conveyancing firm on the on the Precise Mortgages approved list of lawyers.