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approved by Mortgage Agency Services
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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How does my firm apply to be on the Mortgage Agency Services Conveyancing Panel? How can my firm be reinstated onto the Mortgage Agency Services Conveyancing Panel?Find an Approved Solicitor on the Mortgage Agency Services Conveyancing Panel
Frequently asked questions relating to the Mortgage Agency Services Conveyancing Panel
I am selling my apartment and the EA has just called to warn that the buyers are swapping solicitor. The reason given is that Mortgage Agency Services will only work with property lawyers on their approved list. On what basis would a leading lender only engage with certain law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud by way of justification 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 being contacted daily by practices 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.
Can you clarify something for me?. For no fault of my lawyer but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from Mortgage Agency Services was date stamped random date and we have agreed a date for me to move into the property on Tues etc. My solicitor informs me that as she is on the Mortgage Agency Services conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Mortgage Agency Services approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Mortgage Agency Services)which specifies 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 Mortgage Agency Services.
Do I need to visit the offices of the Mortgage Agency Services conveyancing panel solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in London
so that I can attend their offices when needed.
Most conveyancing panel lawyers for Mortgage Agency Services 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 Mortgage Agency Services conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Mortgage Agency Services 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.
Is there a list of Mortgage Agency Services panel solicitors on the CML Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
is it true that all solicitor firms on the Mortgage Agency Services conveyancing panel overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Mortgage Agency Services conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers (CLC).
Completion of my remortgage has taken place with a mortgage from Mortgage Agency Services. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Mortgage Agency Services. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the Mortgage Agency Services branches or the Customer Services Department at Mortgage Agency Services head office. Ordinarily complaints to Mortgage Agency Services are resolved very quickly. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.