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approved by The Mtg Works
Ready to buy a new home? Failing to check that a lawyer is on the The Mtg Works list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the The Mortgage Works Conveyancing Panel
Examples of recent questions relating to the The Mortgage Works Solicitor Panel
Am I correct in assuming that the fact that my conveyancer is not on the The Mortgage Works Conveyancing panel that there is a problem with the standard of his conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for The Mortgage Works.
can you help? My conveyancer is assuring me that she is duty-bound to order a Local Authority search as the firm are on the The Mortgage Works approved lawyer panel. The searches cost a lot of money. Can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with The Mortgage Works 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 The Mortgage Works’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated The Mortgage Works. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the The Mortgage Works conveyancing panel?
The firms themselves provide us confirmation that they are on the The Mortgage Works conveyancing panel as opposed to being supplied with a list from The Mortgage Works directly.
Please explain the implications if my lawyer’s firm is removed from the The Mortgage Works Solicitor panel before the moving date as agreed at exchange of contracts?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to lenders such as The Mortgage Works do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
is it true that all solicitor firms on the The Mortgage Works conveyancing panel regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the The Mortgage Works conveyancing panel they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
I can not work out if my mortgage offer requires a lease extension . I have telephoned The Mortgage Works on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the The Mortgage Works 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?
As long as the conveyancer is on the The Mortgage Works panel she or he must comply with the CML Handbook requirements for The Mortgage Works. Unless your lawyer obtains specific confirmation in writing that The Mortgage Works 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 Works to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.