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Ready to buy a new home? Failing to check that a lawyer is on the theMortgageLender list of approved solicitors can put your transaction at risk of delay or failure.
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The Mortgage Lender Conveyancing Panel : Questions and Answers
My partner and I are first time buyers. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Mortgage Lender have this evening contacted us to advise us that they have now hit a problem as our solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance 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 Quality Scheme. Your property lawyers should contact The Mortgage Lender and see if they can apply for membership of the The Mortgage Lender conveyancing panel, but if that is not viable The Mortgage Lender will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the The Mortgage Lender conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Our solicitor has uncovered a problem with the lease for the apartment we are purchasing. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the The Mortgage Lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is The Mortgage Lender?
Just because you have a mortgage offer from The Mortgage Lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and The Mortgage Lender are the client. The appropriate lender requirements must be adhered to by the The Mortgage Lender conveyancing panel who has to balance acting for you and The Mortgage Lender
How up to date is your database of lawyers on the The Mortgage Lender conveyancing panel? Do The Mortgage Lender send you an updated list?
The firms themselves provide us confirmation that they are on the The Mortgage Lender conveyancing panel as opposed to being supplied with a list from The Mortgage Lender directly.
I would like to get my former partner removed the mortgage deeds. Can The Mortgage Lender really tell me which solicitor I can or can not use?
You can use any solicitor you like but The Mortgage Lender then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the The Mortgage Lender solicitors panel
Two weeks ago we had a mortgage agreed in principle with The Mortgage Lender. Solicitors have been instructed? How long does it take for The Mortgage Lender to send the offer to our conveyancer
Some lenders take longer than others. Have The Mortgage Lender conducted the survey? Have you advised The Mortgage Lender as your lawyers details and checked that your lawyer is on the The Mortgage Lender conveyancing panel? It is not unusual for a mortgage offer to take a month to come through
I have today made my last payment due on mortgage with The Mortgage Lender. I assume I don't need a solicitor on the The Mortgage Lender panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your The Mortgage Lender mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the The Mortgage Lender mortgage from the register. The Mortgage Lender,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the The Mortgage Lender has sent the Land Registry the discharge electronically, and
the The Mortgage Lender has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your The Mortgage Lender mortgage has been paid off.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch The Mortgage Lender on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the The Mortgage Lender conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for The Mortgage Lender. Unless your lawyer obtains specific confirmation in writing that The Mortgage Lender will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask The Mortgage Lender to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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Transfer of Equity for The Mortgage LenderPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors