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Conveyancing solicitors on lenders Panel
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ric1982
Posts: 235 Forumite
Hi,
Might be a stupid question but just trying to understand...
In the scenario where buyer needs to get mortgage but seller don't (seller becomes a cash buyer for onward chain). I know that buyers solicitor needs to be on lenders panel, but does the seller's solicitor needs to be on panel as well?
Thanks
Might be a stupid question but just trying to understand...
In the scenario where buyer needs to get mortgage but seller don't (seller becomes a cash buyer for onward chain). I know that buyers solicitor needs to be on lenders panel, but does the seller's solicitor needs to be on panel as well?
Thanks
0
Comments
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In a word, no.0
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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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If seller does not have a mortgage on the property he is selling then he doesn't need a solicitor on lender's panel as there is no lender to deal with.
If he does have such a mortgage then the lender will want someone on their panel to receive the money and release the mortgage on their behalf so you would have extra costs if seller's solicitor not on panel.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
It depends.
Does the seller currently have a mortgage on the property?0 -
To be pedanticRichard_Webster wrote: »If seller does not have a mortgage on the property he is selling then he doesn't need a solicitor[STRIKE] on lender's panel as there is no lender to deal with. [/STRIKE].
If he does have such a mortgage then the lender will want someone on their panel to receive the money and release the mortgage on their behalf so you would have extra costs if seller's solicitor not on panel.0 -
I think the question may mean whether the seller's solicitor needs to be on the buyer's lender's panel - to which the answer is still no.0
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