Legal Helpdesk is a low-cost, value added service that Fasttrac Solicitors has developed to help lenders deal with legal issues in relation to new and existing lending that either cannot be handled in-house, or where an expert and efficient outsourced service is required, to leave existing lender staff free to deal with other matters.
The service can deal with issues such as:
- New lending queries
Many conveyancers will ask lenders if certain circumstances are accepted in relation to a purchase transaction.
The questions often do not follow the CML Handbook specified guidance which makes them even more difficult to manage. Fasttrac is particularly expert at deciphering the questions and encouraging the lawyers to disclose the critical facts, which enable risk assessment in accordance with the CML Handbook guidance.
Fasttrac will give recommendations in accordance with a lender's policy.
Examples of common questions include: disclosure of incentives, the application of outcome focused regulation, the non-existence of road agreements and bonds, directors purchasing properties from their own company etc.
- Existing lending queries
Borrowers and lenders frequently seek approval of proposed dealings with a property, subject to a mortgage, because of the lender restriction at the Land Registry, or the terms of mortgage conditions. The guidance of the CML Handbook for dealings during the lifetime of an account is less comprehensive than on purchase.
Examples include: lease extension, part release of security, compulsory purchase, grants of easements, breaches of planning regulation, houses in multiple occupation, fire regulations, unoccupied properties etc.
Fasttrac will manage the enquiry so the security is protected.
