Solicitor withdrwn from panel after offer made

Moxy44

I'd like to get some opinions on this please:

Mortgage offer made to me a couple of months ago, with bank happy to have my solicitor represent them as they are on panel.

A few days before exchange we're told the solicitor is no longer on the panel, so we'll need a new solicitor to represent bank. This means new money laundering checks, delayed exchange....

I'm aware the bank can do this - offer can be withdrawn. My question is, is this standard behaviour? As banks change panels frequently, is it standard to withdraw offer if in progress or do they normally complete any current applications with solicitor that was agreed at the time or offer?

Thanks
Moxy

ACG

Banks do not remove solciitors frequently, there would need to be a reason - ie they no longer meet criteria, they have done something dodgy etc.

Ask the lender what THEIR process is in this situation. All lenders may have different processes.

TBagpuss

As ACG says, banks don't change panels particularly frequently, and although it is correct that a firm might be removed if they have done something dodgy it is most likely that they either did not renew, or that they no longer meet the criteria, which could be down to things such as the level of insurance the firm has, the number of people with particular qualifications etc. Some banks have been trying to make reduce the number of firms on their panels so have made criteria more stringent.

They can withdraw part way through a transaction and the solicitor may agree to split their fee so that you are not out of pocket.

Slayerx

Which lender is this ?

I help manage a panel and we wouldn't normaly remove a firm without good reason.

Thrugelmir

What did the solicitor say?

dimbo61

If one solicitor leaves or retires this can lead to a company of solicitors being taken off the panel as 4/5 is the minimum allowed !

Slayerx

dimbo61 wrote: »

If one solicitor leaves or retires this can lead to a company of solicitors being taken off the panel as 4/5 is the minimum allowed !

That isn't necessary true a lot of lenders now even allow sole practitioners on the panel as long as they have the necessary locum/supervisory systems in place.

ACG

I thought the minimum was 2 partners?
I have never come across a lender who only allows 1.

Slayerx

It's rare but YBS group as a whole do as long as they meet criteria.

ACG

HAHAHAHA!!!
YBS (Accord) "accept" a lot of things! Try getting it through though and you get a different answer.

dimbo61

"That isn't necessary true a lot of lenders now even allow sole practitioners on the panel as long as they have the necessary locum/supervisory systems in place"

I have used the same firm of Solicitors for the last 20 years and I had to change to another firm recently because the Lender would not accept my chosen firm due to only 2 solicitors dealing with conveyancing