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approved by ModaMortgages
Ready to buy a new home? Failing to check that a lawyer is on the ModaMortgages 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 ModaMortgages Conveyancing Panel? How can my firm be reinstated onto the ModaMortgages Conveyancing Panel?Find an Approved Solicitor on the ModaMortgages Conveyancing Panel
FAQs : The ModaMortgages Conveyancing Panel
Am I correct in assuming that the fact that my solicitor is not identified on the ModaMortgages Conveyancing panel that there is a problem with the standard of her 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 ModaMortgages.
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 ModaMortgages will not agree to this. Why was ModaMortgages even consulted?
Your lawyer being on the ModaMortgages conveyancing panel is duty bound to inform ModaMortgages of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to ModaMortgages then they would have to discontinue acting for you and ModaMortgages.
I note that you have a post code search directory identifying firms on the ModaMortgages conveyancing panel. Do firms pay you a referral fee if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the ModaMortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My grandfather passed away last year and as sole heir and executor was left the house. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to ModaMortgages , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then ModaMortgages will insist on your using a conveyancer on the ModaMortgages 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 ModaMortgages 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 ModaMortgages mortgage is registered as a charge at the Land Registry.
When it comes to lenders such as ModaMortgages do lawyers have to be pay a fee to be on the conveyancing panel?
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.
I am about to exchange contracts on a purchase with a mortgage from ModaMortgages. The report from my solicitor mentions that ModaMortgages could withdraw their offer before completion. Is this right?
Lenders such as ModaMortgages can withdraw their mortgage offer although this is unusual. should ModaMortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- If the borrower informs ModaMortgages of a change in security address
- A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
- Where to proceed with the Mortgage offer would be unlawful
- Where the sale is not at arms length for value to unconnected persons
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
We were going to get a DIP from ModaMortgages this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the ModaMortgages recommend a solicitor on the ModaMortgages conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the ModaMortgages conveyancing panel. The solicitor represents both you and the ModaMortgages through the process.
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Transfer of Equity for ModaMortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors