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Halifax mortgage - Is it must to choose conveyancer on their panel?

dumpallhere
Posts: 272 Forumite
Hi,
Considering applying for a Halifax mortgage for purchase of a new build (under development) with 70% LTV (can go down to 60% depending on the standard valuation).
Wanted to know if:
1. It is compulsory to choose a conveyancing solicitor from their panel?
Have read on the forum that Nationwide valuation is usually conservative (close the value of the cheapest sale price of same type new builds).
2. Is it the same / similar case with Halifax too?
Thanks in advance.
Considering applying for a Halifax mortgage for purchase of a new build (under development) with 70% LTV (can go down to 60% depending on the standard valuation).
Wanted to know if:
1. It is compulsory to choose a conveyancing solicitor from their panel?
Have read on the forum that Nationwide valuation is usually conservative (close the value of the cheapest sale price of same type new builds).
2. Is it the same / similar case with Halifax too?
Thanks in advance.
0
Comments
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In theory, you could use a solicitor that was not on their panel, but the Halifax would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
With regard to the valuation, that is the valuers opinion of the value of the property for mortgage purposes - there are hundreds of different valuers, so you can't really say that a particular lender has conservative valuations.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
The solicitor has to be on the lenders panel.
It is very rare to find one that is not on the HBOS panel so you can pretty much pick who you want to act for you. Check they are on the Halifax panel first.
Nationwide will tend to be conservative on new build valuations but the values can often be erratic. A new build development does not have a history to base any values on.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Also, if a solicitor is not on a lenders panel, then there is probably a reason for it, an adverse reason that is.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Was (almost) decided to apply for HSBC mortgage ... but then came to know about Halifax offering stamp duty on mortgages against properties worth max. £250K.
Saving of 2.5K coupled with the option of overpaying 10% of outstanding balance during deal period (as compared to 20% of monthly payments at HSBC) suits me better, hence the shift to Halifax.
I was hoping that Halifax may follow similar practice as HSBC does with regards to conveyancing - their panel (countrywide, I think) or CQS accredited of you choice or someone without CQS accreditation + £160 payment to HSBC.
The one I have approached was recommended by someone, is CQS accredited and claims to be on the panel of all major lenders. Have emailed Halifax mortgage adviser to verify if he is on the panel.
Fingers crossed!0 -
dumpallhere wrote: »I was hoping that Halifax may follow similar practice as HSBC does with regards to conveyancing - their panel (countrywide, I think) or CQS accredited of you choice or someone without CQS accreditation + £160 payment to HSBCI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Relief! Halifax has confirmed that the solicitor firm we wish to go with is on their panel.
Thanks everyone, for their responses and clear explanations.0
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