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approved by Mortgage Agency Services
Ready to buy a new home? Failing to check that a lawyer is on the Mortgage Agency Services 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 Mortgage Agency Services Conveyancing Panel? How can my firm be reinstated onto the Mortgage Agency Services Conveyancing Panel?Find an Approved Solicitor on the Mortgage Agency Services Conveyancing Panel
Q and A’s regarding the Mortgage Agency Services Conveyancing Panel
My husband and I are first time buyers. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Mortgage Agency Services have this evening contacted us to inform me that they have now hit a problem as our conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit 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 solicitors to act. You don't have to instruct a firm on the Mortgage Agency Services conveyancing panel as you are at liberty to use your preferred lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our solicitor has uncovered a problem with the lease for the flat we are buying. The other side have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that as he is on the Mortgage Agency Services conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Mortgage Agency Services?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Mortgage Agency Services are the client. A precondition to being on the Mortgage Agency Services approved panel is to comply with the CML Handbook requirements (last updated for this lender on Mortgage Agency Services). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Mortgage Agency Services can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Are there any apps to help search for a local solicitor on the Mortgage Agency Services conveyancing panel? I have a car and am prepared to travel up to 20 kilometers to meet the solicitor.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Mortgage Agency Services solicitor panel.
I am thinking of refinancing my house does my lawyer have to be on the Mortgage Agency Services Conveyancing panel?
In theory, you could use a solicitor that is not on Mortgage Agency Services conveyancing panel, but Mortgage Agency Services would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
When it comes to lenders such as Mortgage Agency Services 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.
We have a mortgage agreed in principle with Mortgage Agency Services. Solicitors have been appointed? How long does it take for Mortgage Agency Services to send the offer to our conveyancer
Some lenders take longer than others. Have Mortgage Agency Services done the survey? Have you advised Mortgage Agency Services as your lawyers details and checked that your lawyer is on the Mortgage Agency Services conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
My offer was accepted on a house on the 17th February 2014, valuation was booked 3 days after, all came back fine. Conveyancer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Mortgage Agency Services and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Mortgage Agency Services conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Mortgage Agency Services to deal with your lawyers application to be on the Mortgage Agency Services conveyancing panel. There's no guarantee that your solicitors will be accepted.