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ASTRA mortgages Solicitor Panel Recently Asked Questions
I have been advised by my broker that I have to pay ASTRA mortgages fees if I use my own solicitor. How good are the ASTRA mortgages conveyancing panel solicitors? I'm happy to use any solicitor in the country TBH provided that they are good and not exorbitantly priced. Are there any ASTRA mortgages conveyancers you'd recommend?
ASTRA mortgages’s conveyancing panel is pretty large so your best bet is just to check with the firms you are getting quotes from that they are on the panel. You can search by postcode on the search tool on this site to find solicitors that ASTRA mortgages will allow to act for them.
I am buying a newly built flat and my conveyancer is informing me that she has to disclose incentives from the builder as her firm is on the ASTRA mortgages conveyancing panel. The Estate Agents are hassling me to exchange and my preference is not to delay matters. is my lawyer taking the correct approach?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the ASTRA mortgages approved panel is to comply with the CML Handbook requirements (last updated for this lender on ASTRA mortgages). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I note that you have a post code search directory listing solicitors on the ASTRA mortgages conveyancing panel. Do firms pay you a commission if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the ASTRA 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 ASTRA mortgages. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the ASTRA 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 ASTRA mortgages conveyancing panel in your location.
In what circumstances might ASTRA mortgages amend or withdraw their mortgage offer?
Lenders such as ASTRA mortgages can revoke their mortgage offer although this rarely happens. In the unlikely event that ASTRA mortgages withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are many potential reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. ASTRA mortgages may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- Amendments if purchase price adjusted and the loan to value limits exceeded by this. Please note that ASTRA mortgages conveyancing panel solicitors would be obliged to notify ASTRA mortgages of a change in the price of the property.
- Situations where information provided by the borrower that enabled the lender to make a lending decision is fraudulent, incorrect or misleading.
- Following advice from the valuer on their lender panel or If the lender has doubts about the effectiveness of the valuation as a result of subsequent events or information received post valuation but pre completion
- If the lender reasonably suspects that the applicant, borrower, mortgagor or guarantor is involved in any criminal or fraudulent activity, including trading in illegal drugs or other substances, theft, robbery, deception or other serious offences, or if the applicant borrower, mortgagor or guarantor has a conviction for any serious criminal offence, including theft, deception, fraud, robbery or trade in illegal drugs or other substances;
We expect to receive a DIP from ASTRA mortgages this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the ASTRA mortgages recommend a solicitor on the ASTRA mortgages conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the ASTRA mortgages conveyancing panel. The solicitor represents both you and the ASTRA mortgages through the process.
I have a mortgage with ASTRA mortgages. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform ASTRA mortgages?
ASTRA mortgages must be informed of your intention prior to renting your property as this is likely to be a breach of ASTRA mortgages’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact ASTRA mortgages directly. You need not do this via a ASTRA mortgages conveyancing panel solicitor.
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