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Ready to buy a new home? Failing to check that a lawyer is on the Platform HL 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 Platform Home Loans Ltd Conveyancing Panel? How can my firm be reinstated onto the Platform Home Loans Ltd Conveyancing Panel?Find an Approved Solicitor on the Platform Home Loans Ltd Conveyancing Panel
FAQs : The Platform Home Loans Conveyancing Panel
Much to my surprise I have been told by my lender that my the law firm I have appointed is not on the Platform Home Loans Conveyancing panel. How can I be certain that this is indeed the case?
The first thing you need to do is to contact your lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for Platform Home Loans.
My solicitor has identified a discrepancy between the surveyor’s assumptions in Platform Home Loans’s valuation report and what is revealed within the title deeds. My solicitor says that as he is on the Platform Home Loans conveyancing panel he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s approach right?
A precondition to being on the Platform Home Loans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Platform Home Loans) 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 have to pop into the offices of the Platform Home Loans conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Manchester
so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for Platform Home Loans undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
I am selling my house. Does my solicitor have to be on the Platform Home Loans conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Platform Home Loans conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Platform Home Loans conveyancing panel requirements are different to Platform Home Loans’s conveyancing panel requirements.
I am about to exchange contracts on a purchase with a mortgage from Platform Home Loans. The report from my solicitor mentions that Platform Home Loans could withdraw their offer before completion. Is this right?
Lenders such as Platform Home Loans can revoke their mortgage offer although this rarely happens. should Platform Home Loans withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a few examples:
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that Platform Home Loans conveyancing panel solicitors would be obliged to notify Platform Home Loans of a change in the price of the property.
- 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 the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
- Where the sale is not at arms length for value to unconnected persons
- If the solicitor on the Platform Home Loans conveyancing panel acting for the applicant, borrower, mortgagor or guarantor cannot comply with Platform Home Loans ‘s instructions
We expect to receive a DIP from Platform Home Loans this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the Platform Home Loans recommend a solicitor on the Platform Home Loans 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 Platform Home Loans conveyancing panel. The solicitor represents both you and the Platform Home Loans through the process.
Other Topics
Transfer of Equity for Platform Home LoansPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors