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Mortgages and solicitors
Mocha61
Posts: 107 Forumite
My daughter is just in the process of moving house, she had her mortgage in principal and when offer was accepted on house she rang building society to go forward with her mortgage application. We were very surprised to hear that mortgage lenders do not accept all solicitors, they have to be on a list, has anyone else had this problem?
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My daughter is just in the process of moving house, she had her mortgage in principal and when offer was accepted on house she rang building society to go forward with her mortgage application. We were very surprised to hear that mortgage lenders do not accept all solicitors, they have to be on a list, has anyone else had this problem?
Hi Mocha61,
It's fairly common, I'm in the process of buying my first home and when pricing up the solicitors there were quite a few that weren't able to deal with my lender.0 -
Many lenders now require larger solicitor firms with more partners who deal in conveyancing0
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It's very common. When she cpntacts a solicitor for a quote, she should tell them which lender she is getting her mortgage from and they will be able to confirm that they are on the appropriate panel.
If she is getting a product which had 'free' conveyancing then she wil; be much more restricted as to who she can use, and it will probably be only conveyancers, not solicitorsAll posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
Some lenders only deal with solicitors with CQS accreditation.
If the lender won't accept the solicitor for the purchaser, the lender will appoint its own solicitor at the borrower's expenses.
For example, HSBC only accepts CQS accreditation. If the solicitor isn't CQS, HSBC normally appoints Countrywide Conveyancing to act for it, at a cost to the borrower of £160 + VAT.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 think it's standard practise these days
When we spoke initially tou our solicitor the first thing she said was to check they were on banks list.
We did however a problem later on settling old mortgage as the solicitor was no longer NRAMs list despite being on earlier in year.
So our solicitor used another one to do that bit which didnt cost us any more0
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