ModaMortgages Conveyancing Panel Information

Section 16.2.1 of the UK Finance Lenders’ Handbook relevant to a solicitor on the ModaMortgages conveyancing panel reads ‘Our mortgage secures further advances. Consequently, when a further advance is required for alterations or improvements to the property we will not normally instruct a member of our conveyancing panel but if you are instructed the appropriate provisions of this Handbook will apply’.

The fact of the matter is that estate agents are feeling the pain if their clients start out on the buying process having appointed a solicitor who is not on the panel with the purchaser’s chosen lender. Many conveyancing firms are only discovering when they begin working on a case that they are no longer able to work with that lender. Given the inevitable resultant delays in the transaction the chances of an abortive deal increases dramatically. in the circumstances there is understandable anguish on the part of the estate agent as a result of the lost time should the client have to change solicitors .

One might ordinarily expect ModaMortgages via their Part Two requirements to address this but the Handbook is silent on deadlines to send deeds. You need to look at the Terms of ModaMortgages’s Conveyancing Panel Appointment that you previously signed. For many lender's these Terms have a clause such as: ‘To keep us informed of the reasons for any delay in your being able to send the title deeds and documents we require to us within 3 months of completion or evidence of proof of registration within that period. (We will send reminders if the deeds have not been received but will not acknowledge receipt of deeds’ It is important to keep ModaMortgages updated. Law firms can often compound their problems by not communicating with the lender when there is a delay or problem.

Your insurance brokers are your best port of call to address this question. The chances are that on the basis that you have not been removed for fraud or negligence reasons that there will be little or no impact. The main reason why a firm would be removed off of a lender panel is due to low volume of conveyancing cases although there may be a number of criteria for ModaMortgages solicitor panel membership. Please remember that it is always important that you complete your insurance forms accurately.

You need to contact ModaMortgages to obtain standard documents. The CML Handbook incorporates an explicit question for banks to set out who to contact to obtain standard documents. ModaMortgages in their Part 2’s state: Always remember to disclose your ModaMortgages conveyancing panel reference.