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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.
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How does my firm apply to be on the The Mortgage Works Conveyancing Panel? How can my firm be reinstated onto the The Mortgage Works Conveyancing Panel?Find an Approved Solicitor on the The Mortgage Works Conveyancing Panel
The Mortgage Works Conveyancing Panel Recently Asked Questions
I am in the process of selling my apartment and the EA has just called to say that the purchasers are appointing a new law firm. The excuse is that The Mortgage Works will only engage with solicitors on their approved list. Why would a major mortgage company only work with specific solicitors?
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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud by way of justification 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.
I am due to move into my new home next Thursday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as he says that he has to check this in has capacity as lawyer for The Mortgage Works. What risks do The Mortgage Works expect the insurance to cover?
Any lawyer on the The Mortgage Works conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in The Mortgage Works’s Part 2 requirements of the CML Handbook (last updated on The Mortgage Works). Being on the The Mortgage Works conveyancing panel your lawyer is expect to follow these instructions.
Are the lawyers identified as being on the The Mortgage Works conveyancing panel, together with their details provided by The Mortgage Works?
The law firm practices 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.
My aunt passed away six months ago and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to The Mortgage Works , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then The Mortgage Works will insist on your using a conveyancer on the The Mortgage Works conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your The Mortgage Works conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the The Mortgage Works mortgage is registered as a charge at the Land Registry.
How can we tell if a solicitor on the The Mortgage Works panel is any good?
seeking recommendations is a good start. 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 suggest that you speak with the solicitor conducting your transaction
I am buying a property where the roof has a solar panel. The Mortgage Works have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is The Mortgage Works your lawyer must to check the The Mortgage Works conveyancing instructions contained in the Part of CML Handbook for The Mortgage Works . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to The Mortgage Works where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
My fiance and I are in the throws of viewing houses and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I I am planning to take a mortgage with The Mortgage Works
It would be sensible to have your start your search soon rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with The Mortgage Works , make sure you remember to check that your lawyer is on the The Mortgage Works conveyancing panel.
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Transfer of Equity for The Mortgage WorksPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors