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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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I instructed a law firm to conduct the legal paperwork on my purchase 4 weeks ago having applied for a mortgage with Mortgage Agency Services. The firm assured me that they are on Mortgage Agency Services conveyancing panel and gave me their panel number. Mortgage Agency Services then told me that their panel number was dormant and would need to be reactivated. What happens next? Do I instruct a different law firm listed on the approved panel for Mortgage Agency Services?
You may be very frustrated with the lawyer but if it only go take a few more days they it may be worth waiting as, depending on how far progressed you are you may end up delaying the transaction by a number of weeks if you need to replace your solicitor You may wish to enlist the help of your broker to check with the Mortgage Agency Services as to how long they think it will take to get the firm to get back on the panel.
Expecting to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Mortgage Agency Services. What risks do Mortgage Agency Services expect the insurance to cover?
Any lawyer on the Mortgage Agency Services conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Mortgage Agency Services’s Part 2 requirements of the CML Handbook (last updated on Mortgage Agency Services). Being on the Mortgage Agency Services conveyancing panel your lawyer is expect to follow these requirements.
Do all the firms listed on your directory have online case tracking as I was under the impression that this was a precondition of being on the Mortgage Agency Services solicitor panel?
No. There is no CML Part 2 or Building Society Association requirement relating to online case tracking. Some law firms operate such technology and some don't.
I would like to get my former partner removed the mortgage deeds. Can Mortgage Agency Services really tell me which solicitor I can or can not retain?
You can use any solicitor you like but Mortgage Agency Services then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Mortgage Agency Services solicitors panel
When it comes to mortgage companies such as Mortgage Agency Services do solicitors 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.
I previously instructed online conveyancers based in Bristol who are on the Mortgage Agency Services solicitor panel. They are now charging me a separate fee of £150 for the legal aspects of the Mortgage Agency Services mortgage. Is this an additional conveyancing fee set by Mortgage Agency Services?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Mortgage Agency Services but by your lawyers. Some firms on the Mortgage Agency Services will charge an ‘acting for lender’ fee and others do not.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Mortgage Agency Services be concerned
As your lender is Mortgage Agency Services your lawyer must to check the Mortgage Agency Services conveyancing instructions contained in the Part of CML Handbook for Mortgage Agency Services . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Mortgage Agency Services where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.