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Rooftop Mortgages Conveyancing Panel Recently Asked Questions
I am selling my flat and the EA has just called to say that the buyers are swapping solicitor. The excuse is that Rooftop Mortgages will only deal with property lawyers on their approved list. On what basis would a major lender only deal with certain law firms?
Banks have always had an approved set 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 15 years.
Lenders blame a rise in fraud as the reason 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 hearing daily from firms 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.
Please help. My lawyer is advising me that he has to apply for a Local Authority search as the firm are on the Rooftop Mortgages conveyancing panel. Is my lawyer correct?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with Rooftop Mortgages your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Rooftop Mortgages’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Rooftop Mortgages. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
I require the services of a Rooftop Mortgages panel solicitor in Stirling. Can you assist?
It is not clear why you need a Rooftop Mortgages panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Rooftop Mortgages to find out which solicitors in Rooftop Mortgages are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
The firm that just started acting on my house acquisition in Hendon has without warning shut down. They were on acting for me because I had to have a firm on the Rooftop Mortgages conveyancing panel and my family lawyer was not. I paid them £200 on account. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them 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 should appoint new lawyers that are on the Rooftop 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 may be able to help
I previously instructed online conveyancers located in Cardiff who are on the Rooftop Mortgages solicitor panel. They have just invoiced me a separate fee of £175 for the legal aspects of the Rooftop Mortgages mortgage. Is this a supplemental conveyancing fee specified by Rooftop Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Rooftop Mortgages but by your lawyers. Some firms on the Rooftop Mortgages will charge an ‘acting for lender’ fee and others do not.
My existing mortgage is with Rooftop Mortgages. My godfather has just retired and wants to pay off my mortgage. After Rooftop Mortgages is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Rooftop Mortgages conveyancing panel? I do not intend to live at the property once the Rooftop Mortgages mortgage is discharged.
will need a solicitor but they need not be on the Rooftop Mortgages conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
The mortgage over my property is with Rooftop Mortgages. Conveyancing has been completed 12 months 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 Rooftop Mortgages?
Rooftop Mortgages must be informed of your intention in advance of letting out your property as this is likely to be a breach of Rooftop Mortgages’s mortgage conditions. It may be that Rooftop Mortgages 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 Rooftop Mortgages directly. You need not do this via a Rooftop Mortgages conveyancing panel lawyer.
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