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Conveyancing Panel
Mortgage Agency Services Conveyancing Panel : Questions and Answers
My partner and I are first time buyers. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Mortgage Agency Services have this evening contacted us to advise us that there is now an issue as our conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme.
Your solicitors should contact Mortgage Agency Services and see if they can apply for membership of the Mortgage Agency Services conveyancing panel, but if that is not viable Mortgage Agency Services will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Mortgage Agency Services conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our nephew is buying a new build apartment with a mortgage from Mortgage Agency Services. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Mortgage Agency Services conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Mortgage Agency Services conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Your search tool is useful but there are many lawyers listed near Chelsea on the Mortgage Agency Services conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the Mortgage Agency Services approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
The firm that just started acting on my house acquisition in Newcastle has without warning closed. I chose them because I needed a firm on the Mortgage Agency Services conveyancing panel and my preferred lawyer was not. I gave them a cheque for £150 in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Mortgage Agency Services conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist
When it comes to lenders such as Mortgage Agency Services do lawyers 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.
I previously instructed online conveyancers located in London who are on the Mortgage Agency Services solicitor panel. They have just invoiced me a separate fee of £150 for the legal aspects of the Mortgage Agency Services mortgage. Is this a supplemental conveyancing fee specified by Mortgage Agency Services?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Mortgage Agency Services but by your lawyers. Some firms on the Mortgage Agency Services will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have called Mortgage Agency Services on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Mortgage Agency Services 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 Mortgage Agency Services. Unless your lawyer obtains specific confirmation in writing that Mortgage Agency Services 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 Mortgage Agency Services to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.