Will a lender accept any solicitor?

49IM

I've noticed that some conveyancing solicitors proudly mention that they're on the list of approved solicitors for major lenders, for instance.

Can I assume that any legitimate conveyancing solicitor will be acceptable to any mortgage lender, in practice? Or might my lender turn around and say they don't recognise the solicitor I chose?

Thanks,

davidmcn

The latter. Some lenders are fussier than others. But it's reasonable to expect that larger conveyancing practices will be on the panel of the main lenders. If not sure, ask!

steampowered

You cannot assume that any reputable solicitor is on the panel of every mortgage lender.

Some lenders (such as Halifax) have been reducing the size of their panels. When I got my mortgage there were a few very reputable and helpful solicitors that weren't on their panel.

The solicitor will be able to tell you if they are on the panel for your mortgage lender.

ThePants999

Your solicitor may also be able to join the panel of your preferred lender.

TBagpuss

Lenders only accept solicitors who are on their panel.

Panel membership normally means that the solicitors will have had to show that they are members of a conveyancing quality scheme and that they follow certian procedures and guidelines. they will also have provided evidence that they have suitable professional indemnity insurance in place. (and in some cases, may have to show that they have a decent claims record)

Most solicitors doing conveynacing work will be on the panel for he main lenders. If you are borrowing from a small or niche lender then you may need to double check, although in those cases your solicitor may well be able to join the relevent panel. Most panels have broadly similar requirements.

Be aware that there is then a second, and much smaller type of 'panel' which relates to conveyancers who have an agreement to provide conveyancing at a rock-bottom price to allow lenders to offer "free" conveyancing. its separate to main panel which means that the lender is happy for the osolicitor to act.

49IM

Thanks for the replies. I may well be using a small lender and so I will check first!

G_M

Some lenders will also not accept small firms eg a 1 or 2 man partnership.

Other lenders have no panels and will accept any solicitor.

Either ask your preferred solicitor if they are on the panel of your chosen lender (and remeber to ask when getting quotes), or ask you lender for a list of their panelmembers.

stator

Check by asking the lender, not the solicitor!
And obviously check before you pay the solicitor the deposit to start work.
I do know of one solicitor who told me they were on a panel and when I checked they weren't. They had let it expire.