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Ready to buy a new home? Failing to check that a lawyer is on the Better 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 Better HomeOwnership (Mortgages) Conveyancing Panel? How can my firm be reinstated onto the Better HomeOwnership (Mortgages) Conveyancing Panel?Find an Approved Solicitor on the Better HomeOwnership (Mortgages) Conveyancing Panel
Q and A’s regarding the Better HomeOwnership Conveyancing Panel
I am selling my house and the EA has just telephoned to warn that the buyers are swapping law firm. I am told that this is due to the fact that Better HomeOwnership will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain solicitors?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
Please assist. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Better HomeOwnership was date stamped random date and we have agreed a date for me to move into the property on 6. My solicitor informs me that as she is on the Better HomeOwnership conveyancing panel she needs to redo the searches as they are now out of date.
A precondition to being on the Better HomeOwnership approved panel is to comply with the CML Handbook requirements (last updated for this lender on Better HomeOwnership)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Better HomeOwnership.
I see that you have a search directory listing law firms on the Better HomeOwnership conveyancing panel. Do firms pay you a commission if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Better HomeOwnership conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
My conveyancers in London have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Better HomeOwnership. Is it case that being on the Better HomeOwnership conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Better HomeOwnership Conveyancing Panel Terms. It might be worth you contacting Better HomeOwnership directly.
Do most lenders 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 Better HomeOwnership conveyancing panel requirements are different to Better HomeOwnership’s conveyancing panel criteria.
Last month we had a mortgage agreed in principle with Better HomeOwnership. Solicitors have been appointed? How long does it take for Better HomeOwnership to send the offer to our conveyancer
Some lenders take longer than others. Have Better HomeOwnership done the survey? Have you advised Better HomeOwnership as your lawyers details and checked that your lawyer is on the Better HomeOwnership conveyancing panel? sometimes it can take as long as six weeks for a mortgage offer to be issued
I can not work out if my mortgage offer requires a lease extension . I have called Better HomeOwnership on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Better HomeOwnership conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Better HomeOwnership. Unless your lawyer obtains specific confirmation in writing that Better HomeOwnership 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 Better HomeOwnership to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
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Transfer of Equity for Better HomeOwnershipPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors