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Lawyers for vendor and buyer
seonmi
Posts: 4 Newbie
Our offer was accepted and the agent told us that the vendor is using a lawyer from the agency's panel. They said that if we use another lawyer from the panel (not the same lawyer), it can cut down time since the contract has already been pre-approved. We are still waiting for the list of lawyers from their panel.
However, we have planned to use a lawyer from the lender's panel. If there is no overlapping between the two panels, using a lawyer from the agency's panel means not having the same lawyer as the lender. In that case, it wouldn't help cut down any time, right?
Which panel should we choose from? Any advice would be greatly appreciated!
However, we have planned to use a lawyer from the lender's panel. If there is no overlapping between the two panels, using a lawyer from the agency's panel means not having the same lawyer as the lender. In that case, it wouldn't help cut down any time, right?
Which panel should we choose from? Any advice would be greatly appreciated!
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Comments
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The solicitors you use need to be on the lender's panel. Otherwise you would have to use two firms - one to represent the lender (on their panel) and one to represent you. This would bear additional costs as you would have to foot both bills.Slummy mummy!0
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Why is the agent recommending this firm?I 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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The agent has a panel of pre-approved solicitors and the vendor is using one of them. So they recommended that we use someone from their panel so the contract is pre-approved and would take less time.0
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... not that these solicitors pay them an "introducer" fee, or similar?
Unless you are buying a newbuild, contracts are always different, so it sounds like you are being sold a line here.
The vendor's solicitor can knock together a draft contract in about twenty minutes once they have the office copy entries from the Land Registry.I 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 -
I'm sure they got paid to reccommend! I just wasn't sure if it would helpb with the process. Sounds like we should stick with the lender's panel.
And no, it's not a newbuild. Thank you all for the advice!0 -
It's about the money - not convenience and speed for you.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 -
We just checked with a solicitor from the agent's panel and he said he's also on the lender's panel. Is it ok to use him then? Or should we be worried about a pre-approved contract? (potential for conflict of interest?)0
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Few things I avoid when buying
1. Meeting their recommended broker "in case they can get you a better deal" (I'll find my own thanks)
2. Using their recommended solicitors (again I'll do my own research and pick my own)0
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