Find an Approved Solicitor on the Together Personal Finance Limited
Together Personal Finance Conveyancing Panel : Questions and Answers
I am selling my maisonette and the EA has just texted me to advise that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that Together Personal Finance will only work with solicitors on their approved list. On what basis would a big named mortgage company only deal with specific lawyers?
Lenders 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 decades.
Banks point to the increase 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.
My lawyer has identified a discrepancy when comparing the assumptions in Together Personal Finance’s valuation report and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the Together Personal Finance conveyancing panel he must check that the lender is OK with this discrepancy and is content go ahead. Is my solicitor’s approach correct?
A precondition to being on the Together Personal Finance approved panel is to comply with the CML Handbook requirements (last updated for this lender on Together Personal Finance) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do I need to visit the offices of the Together Personal Finance conveyancing panel solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can attend their offices if required.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle
My uncle passed away last year and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Together Personal Finance , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Together Personal Finance will insist on your using a conveyancer on the Together Personal Finance 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 Together Personal Finance 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 Together Personal Finance mortgage is registered as a charge at the Land Registry.
Why might a lender such as Together Personal Finance withdraw a mortgage offer?
Banks and Building Societies such as Together Personal Finance can withdraw their mortgage offer although this is unusual. If Together Personal Finance withdraw their offer they may or may not inform you or the lawyer as to their reasoning. There are many potential reasons but here are 5 examples:
If the financial circumstances of the borrower have changed to the detriment and the Together Personal Finance has been notified
If the borrower informs Together Personal Finance of a change in security address
If the borrower informs Together Personal Finance of a change in the loan amount agreed
Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
I am currently in the process of buying my council flat. I have a mortgage agreed with Together Personal Finance. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Together Personal Finance you will need to appoint a solicitor on the Together Personal Finance conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension . I have telephoned Together Personal Finance on numerous occasions and told it wasn't a problem and they would lend. My solicitor - who is on the Together Personal Finance 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 Together Personal Finance. Unless your lawyer obtains specific confirmation in writing that Together Personal Finance 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 Together Personal Finance to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.