Find a Law Firm
approved by theMortgageLender
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.
Find an Approved Solicitor on the The Mortgage Lender Limited Conveyancing Panel
Common questions asked concerning the The Mortgage Lender Conveyancing Panel
I would like to know the reason why all solicitors aren't included on the The Mortgage Lender Conveyancing panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
Our solicitor has informed me that he requires identification documents saying that this is part of his obligations as a conveyancer on the The Mortgage Lender Conveyancing panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offense if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage with The Mortgage Lender your lawyer also has to check ID documents to satisfy The Mortgage Lender
Are there any apps to help find a local solicitor on the The Mortgage Lender conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the conveyancer.
You can use 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 The Mortgage Lender solicitor panel.
I am buying a terraced house and getting a mortgage with The Mortgage Lender. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the The Mortgage Lender conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the The Mortgage Lender conveyancing panel in your location.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the The Mortgage Lender conveyancing panel requirements are different to The Mortgage Lender’s conveyancing panel requirements.
I have a mortgage with The Mortgage Lender. My godfather retired last week and wants to pay off the mortgage left on the property. After The Mortgage Lender is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the The Mortgage Lender conveyancing panel? I do not intend to live at the property once the The Mortgage Lender mortgage is discharged.
Although you do need to retain the services of a lawyer they dont need to be on the The Mortgage Lender 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. As the property is your main residence you need not pay CGT but you should speak with your accountants in any event.
I have a mortgage with The Mortgage Lender. Conveyancing was finalised a year 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 The Mortgage Lender?
Your original mortgage agreement with The Mortgage Lender will provide that you need their approval in advance of letting out your property as this is likely to be a breach of The Mortgage Lender’s mortgage conditions. It may be that The Mortgage Lender 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 The Mortgage Lender directly. You need not do this via a The Mortgage Lender conveyancing panel solicitor.