Lenders and Solicitors - "approved list"?

BrOz

https://www.lenderexchange.co.uk/PanelManagement/PublicSearch/Search 

davidmcn

boots_babe said:

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.

Lenders simply will not deal with a solicitor who is not on their panel, though sometimes your solicitor will be able to very quickly join their panel. 

darkh0rse

BrOz said:

https://www.lenderexchange.co.uk/PanelManagement/PublicSearch/Search 

This website looks untrustworthy/unreliable to say the least!

ACG

darkh0rse said:

BrOz said:

https://www.lenderexchange.co.uk/PanelManagement/PublicSearch/Search 

This website looks untrustworthy/unreliable to say the least!

It is the most reliable the average person can use. There are 2 systems which 95% of lenders will use, Lender Exchange is one of them (LMS is the other), LMS can not be accessed by the public. Lender Exchange does not work for every lender though, but if you are using one of those lenders, it will/should be 100% accurate. 

darkh0rse

Well, fair enough in that case and thanks. I don't feel convinced by the way the website is put together but if it is as accurate as can be expected then I stand corrected. Cheers.

Stenwold

It's as accurate as it can be but it shouldn't be relied upon. A lenders approved panel can be fairly fluid, sometimes up to a hundred solicitors can be taken off/added on in a single month due to their criteria changing. Most solicitors worth their salt will tell you straight away if they aren't on the lenders panel.

Alternatively, if you've got a preferred solicitor that isn't on the panel, you can still deal with them but will then need an approved solicitor to submit the work. There's usually a representation fee of £350 plus VAT for this.

FTB_1991

I found that the fact there is a list is true (with HSBC) but that if your solicitor is not on the list you can use them but have to pay £295 for using HSBC’s solicitor (or something along those lines). Not sure about others. Hope that helps 

ACG

Lender exchange and LMS manage the panel of solicitors for many lenders. 

The idea is quite simple, lenders have certain requirements (maybe 2/3/4 partners, CQS level 4 qualified, certain amount of insurance), if you have one company checking all of this for the lenders, they can add and remove lenders quickly as they have all of the information already. 

Not all lenders subscribe to these systems but these 2 will cover the vast majority of the market so the only time it wont be accurate I can think of is if a lender kicks a solicitor off panel.