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Ready to buy a new home? Failing to check that a lawyer is on the Precise Mtgs 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 Precise Mortgages (Charter Court Financial Services Ltd) Conveyancing Panel? How can my firm be reinstated onto the Precise Mortgages (Charter Court Financial Services Ltd) Conveyancing Panel?Find an Approved Solicitor on the Precise Mortgages (Charter Court Financial Services Ltd) Conveyancing Panel
FAQs : The Precise Mortgages Solicitor Panel
I instructed a solicitor to conduct the legal paperwork on my remortgage six weeks ago having applied for a mortgage with Precise Mortgages. The law firm assured me that they are on Precise Mortgages conveyancing panel and provided me their panel number. Precise Mortgages then told me that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Precise Mortgages?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Precise Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the Precise Mortgages as to how long they think it will take to get the firm to get back on the panel.
My solicitor has spotted a discrepancy when comparing the surveyor’s assumptions in Precise Mortgages’s valuation report and what is revealed within the conveyancing documents. My lawyer says that as he is on the Precise Mortgages conveyancing panel he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
A precondition to being on the Precise Mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on Precise Mortgages) 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.
How do I find a local solicitor on the Precise Mortgages conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Precise Mortgages solicitor panel.
I am considering remortgaging my flat does my lawyer have to be on the Precise Mortgages Solicitor panel?
In theory, you could use a solicitor that is not on Precise Mortgages conveyancing panel, but Precise Mortgages would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
When it comes to mortgage companies such as Precise Mortgages do lawyers have to be pay a fee to be on the list of approved solicitors?
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.
For 5 years I had a mortgage with Precise Mortgages. My father retired last week and wants to pay off the mortgage left on the property. After Precise 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 Precise Mortgages conveyancing panel? I do not intend to live at the property once the Precise Mortgages mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Precise 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
After much negotiation I have agreed a price on a house. My mortgage broker suggested a solicitor I paid an upfront payment of 200. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Precise Mortgages conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Precise Mortgages panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
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Transfer of Equity for Precise MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors