ModaMortgages Conveyancing Panel Information

Many estate agents are suffering if their clients start out on the conveyancing 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 .

When a solicitor is acting for both ModaMortgages and borrower there is potential for conflicts to arise. You owe duties to both clients. All information received by you from your client is confidential and cannot be disclosed without the client’s consent. In the situation you find yourself in if the purchaser will not consent to the information being passed on to the lender the solicitor must cease to act for the ModaMortgages and it may well be prudent you to cease to act for the purchaser as well. You can not tell the ModaMortgages the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your ModaMortgages conveyancing panel status.

With lenders and property lawyers working so closely together it is surprising that there has not been greater demand for the introduction of a bit of transparency regarding not just the figures for the ModaMortgages conveyancing panel but for all bank panel listings

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 would be advised to get in touch with ModaMortgages to obtain standard documents. The The Council of Mortgage Lenders Handbook contains an explicit inquiry for banks to enumerate who to contact to obtain standard documents. ModaMortgages in their Part 2’s state: It helps to quote the firm’s ModaMortgages conveyancing panel number.