A solicitor or conveyancer is the all too crucial individual who facilitates the transaction in the transfer of property from one person to another. The conveyance is useful to all individuals involved in the deal including you as the buyer/seller and the mortgage lender. It is advisable to work with the same conveyancer as the mortgage lender, although you will not always find it the case that the mortgage lender will choose the same conveyancer as the seller or buyer. This can be a problem.
Many buyers have fallen victim to the mistake of choosing a lender that is not on the mortgage lenders panel. It can cause huge hurdles when it comes to completing the deal, especially trying to find a new and suitable solicitor on short notice. These delays can cause even sellers to pull out of the deal worrying about the reliability of the buyer.
Mortgage lenders panel of Solicitors
All mortgage companies have a list of approved solicitors who they are ready to work with in property transactions such as conveyancing24-7. Therefore, solicitors who are not on this panel cannot act for the lender. The transaction is always much faster and cheaper when the same solicitor works for both buyer and mortgage lender. Separate solicitors means sending paperwork back and forth, longer waits for making decisions and eventually delays in the transaction not to mention buyers paying double in solicitor fees.
Lenders’ panel requirement and restrictions
Mortgage lenders often want to work with the best of the crop when it comes to solicitors. This is to avoid overcharging and fraud while creating durable relationships with certified solicitors. In the past few years, many lenders have significantly reduced the size of solicitor panels therefore you need to be very thorough in your search. You can read more about solicitors and conveyancing at www.conveyancing24-7.com.
Some of the requirements for firms to be on the panel include:
- Minimum of three partners
- Accredited by the Quality Conveyancing Scheme
- Indemnity cover from approved insurers
In order to avoid the delays caused by working with more than one solicitor, it is advisable for all buyers to check the mortgage lenders panel for the list of approved conveyancers and choose one from this list. The choice of conveyancer will further depend on cost, the qualities they portray and recommendations they receive. Some of the qualities to look for include:
- On the mortgage lenders panel to avoid paying extra costs
- Efficiency and accuracy on order to facilitate the transaction as fast as possible
- Expert guidance and support keeping the best interest of the buyer in mind
- Negotiate successfully with other parties in the deal
- Technologically advanced with modern solicitor services
- Professional indemnity of at least £1 million
- Regulated and listed by professional bodies
Even while working with a broker, you should request the broker to check if the solicitor is on the mortgage lenders panel before you make your mortgage application. You should also ensure that the fees quoted by the solicitor include the cost of acting in connection with mortgage lenders rather than making it an extra cost.