Lenders with their own conveyancers

Glastoun

I've noticed that some lenders have their own conveyancing panel, and if you have a conveyancer that isn't on their panel, you end up paying twice, once for your own and once for theirs. Do I have that correct?

Skipton is the most notable example I've seen, and in Scotland they seem to have a grand total of one conveyancer. Given that you have to sign up to a solicitor to make a formal offer, very possibly before you know who your mortgage lender will be, this seems unfair to make you fork out twice for the same service.

Or do I have this wrong?

kingstreet

You are correct if you choose a solicitor not on the lender's panel. Abbey/ Santander instructs one of its panel firms to act for it if yours isn't and you pay £265 + VAT for the privilege. HSBC is £160 + VAT.

I phone the prospective lender and ask for panel firms in my client's area before we do anything. It hasn't let me down yet.

At application stage, all you are doing is writing the name on the mortgage application, so you are spending nothing by doing that.