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approved by Landmark
Ready to buy a new home? Failing to check that a lawyer is on the Landmark 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 Landmark Mortgages Limited Conveyancing Panel? How can my firm be reinstated onto the Landmark Mortgages Limited Conveyancing Panel?Find an Approved Solicitor on the Landmark Mortgages Limited Conveyancing Panel
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For what reasons could a firm of solicitors be removed from the Landmark Mortgages approved conveyancing panel?
According to a recent survey report by the solicitors regulator three quarters of law firms had been removed from a lender panel. The top reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Landmark Mortgages
My husband and I are refinancing our apartment with Landmark Mortgages. We have a son 18 who lives with us. The solicitor on the Landmark Mortgages conveyancing panel has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Landmark Mortgages conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Landmark Mortgages conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Landmark Mortgages .This is solely used to protect the Landmark Mortgages if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Landmark Mortgages had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do all mortgage companies provide you with an approved list of solicitors? How do you know who is on the Landmark Mortgages conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Landmark Mortgages conveyancing panel as opposed to being supplied with a list from Landmark Mortgages directly.
We're in Wales, First time buyers buying with a mortgage (lender is Landmark Mortgages , but our solicitor is on the Landmark Mortgages conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Landmark Mortgages conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
What are the common reasons for a lender such as Landmark Mortgages to withdraw a mortgage offer?
Banks and Building Societies such as Landmark Mortgages can revoke their mortgage offer although this rarely happens. should Landmark Mortgages 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 a few examples:
- If the borrower informs Landmark Mortgages of a change in security address
- If the borrower informs Landmark Mortgages of a change in the loan amount agreed
- 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 lender has to take account a recent change in taxation
- Where the sale is not at arms length for value to unconnected persons
I have a mortgage with Landmark Mortgages. My godfather has just retired and wants to pay off the mortgage left on the property. After Landmark Mortgages 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 Landmark Mortgages conveyancing panel? I do not intend to live at the property once the Landmark Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Landmark Mortgages 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.
I have decided to exercise my right to buy my property off the council. I have a mortgage agreed with Landmark Mortgages. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Landmark Mortgages you will need to appoint a solicitor on the Landmark Mortgages conveyancing panel.
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Transfer of Equity for Landmark MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors