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Lenders preferred Solicitors
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dirk8gently
Posts: 3 Newbie
I am a first time buyer and have been completing my mortgage application with the Post Office (Bank of Ireland) and now asked to enter solicitors details and have been advised of the following;
Please note, if you appoint your own solicitor, they should be a member of our Solicitor’s Panel. This means that they have been approved to work on our behalf and have Partnership status (they are not a Sole Practitioner). If you choose to appoint a solicitor who is not on our panel, we will appoint a solicitor to act on our behalf and you will have to pay both sets of charges. Please consult your solicitor if you wish to confirm that they are included in our panel.
If the mortgage deal you are applying for does not include free legal fees, and you would like us to refer you to our partner LMS for your legal services, please input your answer as: LMS REFERRAL. We will then call you to arrange this.
I am yet to appoint a solicitor. Is the above typical of most lenders? Is the list of solicitors available to me dramatically reduced now?
I mentioned the above to my estate agent and they said not to worry about it and advised me to use their recommended solicitor, but I do not want to be charged twice?
Advice would be greatly appreciated.
Please note, if you appoint your own solicitor, they should be a member of our Solicitor’s Panel. This means that they have been approved to work on our behalf and have Partnership status (they are not a Sole Practitioner). If you choose to appoint a solicitor who is not on our panel, we will appoint a solicitor to act on our behalf and you will have to pay both sets of charges. Please consult your solicitor if you wish to confirm that they are included in our panel.
If the mortgage deal you are applying for does not include free legal fees, and you would like us to refer you to our partner LMS for your legal services, please input your answer as: LMS REFERRAL. We will then call you to arrange this.
I am yet to appoint a solicitor. Is the above typical of most lenders? Is the list of solicitors available to me dramatically reduced now?
I mentioned the above to my estate agent and they said not to worry about it and advised me to use their recommended solicitor, but I do not want to be charged twice?
Advice would be greatly appreciated.
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Comments
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When you instruct a solicitor to buy a house, part of the work they do is on behalf of the lender rather than you. It is standard practice among all lenders to have a list of solicitors who are approved to act on their behalf.
Before you instruct a solicitor simply ask whether they are on the Solicitor's Panel for the Post Office / Bank of Ireland. They should be able to tell you. As it says in your quote, sole practitioners (i.e. a solicitor working on their own) will not be on the panel. If your chosen solicitor is not approved by the lender, they will appoint a second solicitor to work for them - at your cost.0 -
Absolutely normal - you can use the estate agent's solicitor (who will almost certainly be on panel) but I have a mistrust of ufing anything introduced by estate agent because any problems can feedback to them before you have a chance to rectify, any reasonable sized solicitor (single partner firms have an issue) locally from 'yellow pages, or ask family/friends for a recommendation.
Remember 'on-line/cheapest' is not always best (and this is the biggest financial transaction of yoru life) - see thread on here about Woolstenhomes.
I'll happily give you a recommendation (no fee / no commission) to our preferred solicitor (who we put dozens of clients through - for a intro fee) for one by PM if you feel you need pointing in right direction. Typical purchase quote should be just sub £500 for normal freehold legal costs (without Stamp Duty, land register and searches) in my opinion.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
This is so unfair!
When I move house I want to use a solicitor that I trust to look after my interests; I also want to choose the best mortgage to suit my needs. I don't want to have some big face-less conveyancing firm foisted upon me, or be restricted in the mortgages I can take.
I fully understand that the lenders need to protect themselves but now they are cutting back on their panels because small firms have not done sufficient volume of their mortgages - [I'm not allowed to post the link so google: Lloyds Banking Group to cut solicitor panel] how does this help? Do solicitors have to start pushing clients to take specific lenders mortgages so that they can remain on the panel?!!!
I know that a small solicitors’ firm local to me has already been removed from two big lenders panel’s for not doing sufficient volume – this is damaging their business in a way that they cannot influence, and restricting my freedom of choice.0 -
I know that a small solicitors’ firm local to me has already been removed from two big lenders panel’s for not doing sufficient volume – this is damaging their business in a way that they cannot influence, and restricting my freedom of choice.
Volume of transactions has fallen since the boom years. There isn't the volume to support all conveyancing solicitors and their support teams.
Also some lenders Chelsea BS incurred fraud due to collusion between borrowers, developers and solicitors. Hence the desire to have the solictor at arms length to the transaction.0 -
Senior_Paper_Monitor wrote: »Absolutely normal - you can use the estate agent's solicitor (who will almost certainly be on panel) but I have a mistrust of ufing anything introduced by estate agent because any problems can feedback to them before you have a chance to rectify, any reasonable sized solicitor (single partner firms have an issue) locally from 'yellow pages, or ask family/friends for a recommendation.
Remember 'on-line/cheapest' is not always best (and this is the biggest financial transaction of yoru life) - see thread on here about Woolstenhomes.
I'll happily give you a recommendation (no fee / no commission) to our preferred solicitor (who we put dozens of clients through - for a intro fee) for one by PM if you feel you need pointing in right direction. Typical purchase quote should be just sub £500 for normal freehold legal costs (without Stamp Duty, land register and searches) in my opinion.
Hi there, could you possibly provide the name of this typically sub £500 quoting solictor please? Thanks0 -
I have sent you a PM (to save me from the wrath of the Mod Gods) - if you do business and it works to your satisfaction all I ask is give the firm/individual the promo he deserves.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Im in the process of getting a mortgage thro PO. This worried me too but its all ok, you just have to check your chosen ones are on their panel! My 2nd choice was so its fine0
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Thrugelmir wrote: »Volume of transactions has fallen since the boom years. There isn't the volume to support all conveyancing solicitors and their support teams.
Also some lenders Chelsea BS incurred fraud due to collusion between borrowers, developers and solicitors. Hence the desire to have the solictor at arms length to the transaction.
My point exactly. Just because a small firm's (reduced) clients have decided not to take sufficient mortgages with a particular lender, that makes it OK to reduce their chances of gaining clients who do decide to use that lender does it?
Neither, actually, can I see that a small volume of clients increases the risk of fraud - how does that tally?0 -
My point exactly. Just because a small firm's (reduced) clients have decided not to take sufficient mortgages with a particular lender, that makes it OK to reduce their chances of gaining clients who do decide to use that lender does it?
Neither, actually, can I see that a small volume of clients increases the risk of fraud - how does that tally?
Volume of clients has nothing to do with fraud. Its the appointment itself which matters. At arms length, means un-related to the buying party in anyway. The appointed solicitor is representing the lender equally as much as the buyer.0 -
Thrugelmir wrote: »Volume of clients has nothing to do with fraud.
Sorry if I'm missing something, but why penalise on small volume then?0
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