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Ready to buy a new home? Failing to check that a lawyer is on the Bluestone Mortgages list of approved solicitors can put your transaction at risk of delay or failure.
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FAQs : The Bluestone Mortgages Solicitor Panel
I am selling my flat and the EA has just called to warn that the buyers are switching law firm. The excuse is that Bluestone Mortgages will only work with solicitors on their approved list. Why would a major mortgage company only engage with certain solicitors?
Mortgage companies 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 HSBC, 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.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Bluestone Mortgages will not agree to this. Why was Bluestone Mortgages even consulted?
Your lawyer being on the Bluestone Mortgages conveyancing panel is duty bound to inform Bluestone Mortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Bluestone Mortgages then they would have to discontinue acting for you and Bluestone Mortgages.
Is it necessary during the course of the conveyancing process to pop into the offices of the Bluestone Mortgages conveyancing panel solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Manchester
so that I can pop in to their offices if necessary.
As opposed to 12 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 Manchester
.
I am attempting to get my ex-husband taken off the mortgage deeds. Can Bluestone Mortgages really insist on which solicitor I can or can not use?
You can use any solicitor you like but Bluestone Mortgages 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 Bluestone Mortgages solicitors panel
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Bluestone Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Bluestone Mortgages your lawyer must to check the Bluestone Mortgages conveyancing instructions contained in the Part of CML Handbook for Bluestone Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Bluestone Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called into my local branch Bluestone Mortgages on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Bluestone Mortgages conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
Your lawyer has to follow the CML Handbook Part 2 requirements for Bluestone Mortgages. Unless your lawyer obtains specific confirmation in writing that Bluestone Mortgages 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 Bluestone Mortgages to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in month 7 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Bluestone Mortgages are being difficult. The solicitor who is on the Bluestone Mortgages conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bluestone Mortgages are requiring a building regulation certificate. Why do Bluestone Mortgages have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Bluestone Mortgages have referred the matter to their valuer. The reason why Bluestone Mortgages may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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