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approved by The Mtg Works
Ready to buy a new home? Failing to check that a lawyer is on the The Mtg Works list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?
How does my firm apply to be on the The Mortgage Works Conveyancing Panel? How can my firm be reinstated onto the The Mortgage Works Conveyancing Panel?Find an Approved Solicitor on the The Mortgage Works Conveyancing Panel
FAQs : The The Mortgage Works Solicitor Panel
Is there a reason why all UK lawyers aren't included on the The Mortgage Works Solicitor panel?
Pre- 2008 most lenders had an appetite for risk which was higher than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors that you are dealing with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many firms that have been excluded from lender panels have 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders required.
My conveyancer has discovered an inconsistency between the assumptions in The Mortgage Works’s home valuation report and what is in the title deeds. My lawyer says that as he is on the The Mortgage Works conveyancing panel he needs to ensure that the bank is with this discrepancy and is content go ahead. Is my lawyer’s course or action legitimate?
A precondition to being on the The Mortgage Works approved panel is to comply with the CML Handbook requirements (last updated for this lender on The Mortgage Works) 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 banks and building societies provide you with an approved list of solicitors? How do you know who is on the The Mortgage Works conveyancing panel?
The firms themselves provide us confirmation that they are on the The Mortgage Works conveyancing panel as opposed to being supplied with a list from The Mortgage Works directly.
I am considering applying for a The Mortgage Works mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for The Mortgage Works?
There is nothing to stop you using your solicitor but The Mortgage Works will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Do most 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 The Mortgage Works conveyancing panel requirements are different to The Mortgage Works’s conveyancing panel criteria.
My existing mortgage is with The Mortgage Works. My uncle has just retired and wants to pay off my mortgage. After The Mortgage Works is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the The Mortgage Works conveyancing panel? I do not intend to live at the property once the The Mortgage Works mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the The Mortgage Works panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
Completion of my purchase has taken place with a mortgage from The Mortgage Works. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about The Mortgage Works. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the The Mortgage Works branches or the Customer Services Team at The Mortgage Works head office. We understand that complaints to The Mortgage Works are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Other Topics
Transfer of Equity for The Mortgage WorksPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors