Does conveyancer need to be on lender's panel when porting a mortgage?

Tunstallstoven

Hi

We are looking to sell/buy... We only have a very small amount left on the mortgage, but will be looking to port it so as not to have to pay early redemption charges.

We are also in the process of getting organised, part of which involves finding our conveyancer. In reading up on this, I see that some say the conveyancer has to be on the lender's panel. Would this apply in my case? Or is it only relevant when applying for a new mortgage?

Many thanks

davidmcn

From solicitor's point of view it is a new mortgage, so yes they'll need to be on panel.

kingstreet

You are moving the rate from an old mortgage to a new one. You aren't moving a mortgage from one property to another. That isn't how porting works.

Tunstallstoven

davidmcn wrote: »

From solicitor's point of view it is a new mortgage, so yes they'll need to be on panel.

OK, thanks. I'll check them out then once we have chosen.

kingstreet wrote: »

You are moving the rate from an old mortgage to a new one. You aren't moving a mortgage from one property to another. That isn't how porting works.

Is that the case even when it is the same mortgage with the same amount outstanding, no additional borrowing, the same interest rate, the same end date, etc etc?

Thanks for the replies.

kingstreet

Yep. A mortgage is a deed which ties a loan to its security property; so you have to repay the loan on sale and the security is released.

A new loan starts and a new security is attached to the new property.

It doesn't matter if the new loan matches the old one in every respect. The most important one is the difference in the security property.

Tunstallstoven

Gotcha. Thanks for explaining.