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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
Precise Mortgages Conveyancing Panel : Questions and Answers
I appointed a solicitor to work on my remortgage 5 weeks ago having applied for a mortgage with Precise Mortgages. The firm assured me that they are on Precise Mortgages conveyancing panel and advised 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? Should I appoint a new solicitor currently on the approved panel for Precise Mortgages?
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 Precise Mortgages as to how long they think it will take to get the firm to get back on the panel.
I am due to move into my new home next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Precise Mortgages. What risks do Precise Mortgages expect the insurance to cover?
Any lawyer on the Precise Mortgages 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 Precise Mortgages’s Part 2 requirements of the CML Handbook (last updated on Precise Mortgages). Being on the Precise Mortgages conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a post code search directory listing firms on the Precise Mortgages conveyancing panel. Do firms pay you a commission if I appoint them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Precise Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am purchasing a semi-detached house and getting a mortgage with Precise Mortgages. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Precise Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Precise Mortgages conveyancing panel in your location.
is it true that all solicitors on the Precise Mortgages conveyancing panel regulated by the SRA?
As a firm of solicitors, in order to be on the Precise Mortgages 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).
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Precise Mortgages have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Precise Mortgages your lawyer must to check the Precise Mortgages conveyancing instructions contained in the Part of CML Handbook for Precise Mortgages . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Precise Mortgages where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
My existing mortgage is with Precise Mortgages. My grandfather 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.
You
will need a solicitor but they need not be on the Precise Mortgages conveyancing 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.
Other Topics
Transfer of Equity for Precise MortgagesPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors