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Solicitor not on lender panel
Octopod
Posts: 7 Forumite
We moved solicitors after we had our offer accepted on a property because they were not on our lender's panel (YBS).
I found a new solicitors who sent an email assuring me they were on the panel and gave us a competitive quote so we accepted it and went with them. They have taken £300 for search fees so far. Only a couple of weeks down the line has our lender told us the new solicitor has gone dormant and is definitely not on their panel.
No problem said the new solicitor we will get on the panel, 3 days later the paperwork is still waiting for dictation and the solicitor keeps telling me it's just an admin job and shouldn't take long. The lender however is saying it will take 6-8 weeks from when they receive the paperwork!!
Do I ditch them off, get a new one and lose £300 or trust them and hope it goes through quicker?! Or can I get someone to just do the mortgage bit? Thanks for your help
I found a new solicitors who sent an email assuring me they were on the panel and gave us a competitive quote so we accepted it and went with them. They have taken £300 for search fees so far. Only a couple of weeks down the line has our lender told us the new solicitor has gone dormant and is definitely not on their panel.
No problem said the new solicitor we will get on the panel, 3 days later the paperwork is still waiting for dictation and the solicitor keeps telling me it's just an admin job and shouldn't take long. The lender however is saying it will take 6-8 weeks from when they receive the paperwork!!
Do I ditch them off, get a new one and lose £300 or trust them and hope it goes through quicker?! Or can I get someone to just do the mortgage bit? Thanks for your help
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Comments
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If they told you they were on the panel, and you paid £300 reliant on that then, I'd ditch them and be requesting my £300 back !0
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The joys of managing it all yourself.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 -
The joys of managing it all yourself.
Do you think if home dentistry was an option there would be a forum like this for when things go wrong??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 -
Indeed! Why didn't anyone tell me about using a broker?!0
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Similar here. Our original selling estate agents pointed us towards a solicitors firm who we went with. When we then agreed a purchase our proposed mortgage lender refused to have anything to do with the solicitors... so is we've ended up with different solicitors for our sale and purchase. What's the chance that this will cause extra problems ???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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Do you think if home dentistry was an option there would be a forum like this for when things go wrong??
If there were a home dentistry forum there would be plenty of people on it without sufficient knowledge telling others how to handle a root canal so that they can 'save a few quid'.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 -
I faced same issue with HSBC recently.
Initially my solicitor said they are on HSBC panel.So I engaged them and paid for searches.
Then HSBC came back and said, for the amount involved, as per their rule, my solicitor can no longer work on behalf of the bank. So they employed their own solicitor (I had to pay their £300 fee on completion). So, my own solicitor worked for me, a different solicitor worked for the bank (whom I never had to deal as my solicitor did all the interactions).
I think for YBS, there must be similar arrangement.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
Do you think if home dentistry was an option there would be a forum like this for when things go wrong??
Trouble is though that for The vast majority of people home dentistry would go wrong, Badly wrong.
Conversely for (i suspect) the vast majority of people, organising and obtaining a mortgage themselves goes easily and without difficulty. Of course reading a forum pretty much about mortgage problems skews ones view of this reality.
I am not decrying brokers. I think for a minority of people they are absolutely essential and a godsend. (and yes in these cases people should be happy to pay a fair price for their expertise!)£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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Write a formal complaint letter to the practice. Demand they return your money immediately due to their misconduct. Hopefully they will decide to give you your money back to stop you making a fuss.Changing the world, one sarcastic comment at a time.0
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Write a formal complaint letter to the practice. Demand they return your money immediately due to their misconduct. Hopefully they will decide to give you your money back to stop you making a fuss.
If they don't what do you do - go to another solicitor to sue the previous one ?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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