Lenders and Solicitors - "approved list"?

darkh0rse

Can someone please explain how true it is that mortgage lenders will only work alongside their approved list of solicitors?
I can't decipher if this is just sales speak nonsense or there is any substance to it.
I have yet to select a solicitor, partly because my mortgage broker hasn't yet picked the mortgage product & lender for me.
Thanks.

dimbo61

We had a local firm of solicitors for years but as older solicitors retired and others moved on fewer lenders had them on there panel of approved solicitors.
Had to find another local firm who had several solicitors who did conveyancing.
So yes you need a firm of solicitors who are on the lender's panel.

darkh0rse

Thanks - would you say it is correct that without knowing who my lender will be, I shouldn't be choosing a solicitor/firm at this stage?

If so, once I have details of my mortgage lender, how do I then see how is on their list?

Thanks

MovingForwards

Nothing stopping you getting quotes from a several solicitors firms.

Some lenders advertise who their panel solicitors are, some you have to ask, some you have to give a list and they say yes / no.

Thrugelmir

darkh0rse said:

Can someone please explain how true it is that mortgage lenders will only work alongside their approved list of solicitors?

Solicitors in the past have been party to collusion and fraud. Hence solicitors having to apply to be on a lenders panel. 

ACG

Most lenders have a list, but that list can vary from maybe 20 to thousands. 

General rule of thumb is high street lenders will probably accepted any but small one man bands and chances of you going with one of those firms is slim because they wont do conveyancing. 
Specialist lenders usually need there to be 4 partners and level 4 CQS qualified.

MaryNB

There are a few websites that say they'll tell you who is on your lender's panel. I found these websites useless. When asking for a quote, it's best to ask solicitors directly if they're on a lender's panel when you know who your lender will be. I was between two lenders so asked about both.

When I applied for my mortgage my lender's adviser said to make sure my solicitor was on their panel. When I gave them the name of my preferred solicitor they confirmed they were on the panel. This is despite the solicitors not appearing when I looked at conveyancing quotes on my lender's website, or on any websites claiming to be able to tell you who is on each lender's panel. 

xMeganCL

Must be true, my MA had to change who she was going to submit my application to as my solicitor isn't on the original lenders panel 

davidmcn

Only likely to matter if you choose an obscure lender or it's a tiny law firm. 

darkh0rse

Thanks all for the insight - very useful and definitely makes a lot more sense now.

boots_babe

I'd always thought that choosing someone on your lender's panel, only had the advantage that 'in theory' the lender and solicitor would work more quickly together. However on my recent application I was told that due to the value of the mortgage (even though 30% LTV) that they wouldn't be able to proceed with an application if we chose a solicitor that was not on their panel.