Frequently asked questions

Who are LMS?


Established in 1991, LMS is one of the principal providers of conveyancing services to the three cornerstones of the housing industry; lenders; brokers and estate agents. We process over 100,000 conveyancing transactions a year on behalf of our partners which includes three of the largest national mortgage lenders as well as a number of key regional providers.

We have been appointed to manage the service provided by the law firm to ensure that consistent, high quality service standards are delivered. LMS customer services team are available to answer any queries and offer independent support is any issues are experienced.

What is TrackMyCase?


Customers can track the progress of their case online which provides them with: key milestone updates; option to sign up to text/SMS updates; ability to view key documents; contact details for the law firm case handler as well as LMS; and frequently asked questions.

What happens when LMS are instructed?


LMS will attempt contact with the customer via SMS or telephone within one working day of instruction.

Depending on the type of conveyance LMS will provide an overview of their service and will need to verify information with the customer - some of this information may have already been provided to the lender/mortgage intermediary. Customers will be registered on TrackMyCase.com and may be able to complete some of their documentation online.

How long will my purchase take to complete?


Your law firm will complete the purchase as soon as they are able, unless otherwise advised by you. The completion date is dependent on your law firm receiving all the required information from you, your lender and other parties (e.g. search providers or landlords). The completion date must also be agreed with the seller and if there is a chain, all parties in that chain.

A standard purchase takes on average twelve weeks to complete from the sale being agreed.

The most common items that delay conveyancing are; slow customer responses; delays in the chain; contact with third parties; receipt of mortgage offer from the new mortgage lender; and a redemption statement from an existing lender.

How long will my remortgage take to complete?


Your law firm will complete the remortgage as soon as they are able, unless otherwise advised by you. The completion date is dependent on your law firm receiving all the required information from you and your lender.

A standard remortgage takes on average 25 working days to complete from receipt of the mortgage offer from the mortgage lender.

The most common items that delay conveyancing are; slow customer responses; contact with third parties (e.g. search providers or landlords); receipt of mortgage offer from the new mortgage lender; and a redemption statement from an existing lender.

The law firm is unable to begin work on your remortgage until they have received your fully completed and signed questionnaire and have received the mortgage offer from your lender.

How long will my conveyancing take to complete?


Your law firm will complete the remortgage, sale or purchase as soon as they are able, unless otherwise advised by you. The completion date is dependent on your law firm receiving all the required information from you and your lender.

A standard remortgage takes on average 25 working days to complete from the loan being agreed with the mortgage lender.

The most common items that delay conveyancing are; slow customer responses; contact with third parties (e.g. search providers or landlords); receipt of mortgage offer from the new mortgage lender; and a redemption statement from an existing lender.

Does signing the mortgage deed commit me to the mortgage?


Signing the mortgage deed is your agreement to the terms and conditions of the mortgage, including repayment of the capital and interest. The mortgage deed does not come in to effect until completion or your remortgage has taken place. The mortgage deed will be dated the same day as completion.

What is a telegraphic transfer (TT)/Same Day payment fee?


A fee charged for transferring funds through an electronic banking system to guarantee that they will reach the payee by close of business on the same day.

It is not possible to tell how quickly funds will be received they are only guaranteed to reach the account on the same business day.

Do I need to visit my law firm during the process?


No. Most transactions are dealt with by telephone, email or fax.

What is a shortfall?


A shortfall is where your law firm require additional funds from you to pay off your existing mortgage. This will occur when you’re borrowing less money from your new lender than you need to pay to your existing lender.

For example, your new mortgage may be £150,000 and your existing mortgage £150,500 meaning that your law firm will require £500 from you to be able to complete.

What are surplus funds?


Surplus funds are monies due to you following completion of your remortgage. This will occur when you are borrowing more money from your new lender than you need to pay off your existing lender. Your law firm will arrange with you to send these directly to you on the day of completion.

Why do I have to provide proof of identification to the law firm?


The law firm is required to complete additional identification checks in accordance with money laundering regulations. The main aim of these is to assist in combating mortgage fraud and to protect individuals. The checks will vary depending on the transaction, lender requirements and law firm’s policy.

Why do I have to provide information to the law firm when I have already provided this to the mortgage lender and/or broker?


Your law firm is required by their own legislation to check the authenticity of the application.

What are disbursements?


Disbursements are payments made to third parties by the law firm on your behalf. The most common are Land Registry fees, third party searches, landlord fees and stamp duty land tax.

The law firm may require you to provide monies up front or on account for disbursements that are incurred during the transaction rather than at completion, for example property searches. This is because the documents need to be purchased early in the transaction. Disbursements are non-refundable.

I don’t want to complete straight away, should I return my documents now?


You should return your documents to your law firm immediately as this enables them to prepare for your requested completion date, even if it is in six months’ time.

Why do I have to provide proof of identification to the law firm?


The law firm is required to complete additional identification checks in accordance with money laundering regulations. The main aim of these is to assist in combating mortgage fraud and to protect individuals. The checks will vary depending on the transaction, lender requirements and law firm’s policy.

What does exchange of contracts mean?


Exchange of contracts is when the contract becomes legally binding for both the buyer and seller. Pulling out after this point may have legal and financial consequences.

Once I complete my purchase when will I get the deeds to my property?


Following completion your law firm will register ownership of the property at the Land Registry, which takes a few weeks. Title to land is now electronically recorded so you will receive a print out from the Land Registry evidencing registration in your name rather than a physical bundle of deeds.

If there were any title deeds from the seller that are no longer required by the Land Registry you can ask your law firm to return these to you for historical interest.

When do I need to arrange buildings insurance?


Unless the buildings insurance is being arranged by your lender or it is a leasehold property and the insurance is dealt with by the freeholder you must arrange buildings insurance from exchange of contracts as the property will be at your risk from that time.

The amount of cover should be the estimated cost of re-building the property if it burns to the ground which is not the same as the current market value. If you had a survey or you are obtaining a mortgage your surveyor or the lenders’ valuer will usually have suggested a minimum amount of cover in their report.

What searches are required?


Please visit TrackMyCase.com for further information regarding searches.