Conveyancing

Conan1Sett

Hello,

Does anyone know precisely what checks are carried out during conveyancing? Do they check the buyers credit report or does that only occur when the lender checks it during the mortgage application process?

Irishpearce26

Typically conveyancer will check your ID and money laundering checks. they wouldn't carry out credit checks as this will be done by your mortgage provider.

Some lenders carry out their credit checks at the beginning of the process, some carry out a number of checks at the beginning and at the end of the process.

Conan1Sett

Well the lender is Santander and I dare not ask them about it. 

There is posts on internet forums including this one that state that only one credit check was carried out during the application but that was back in 2019. 

Thrugelmir

Lenders could spot check a credit report again at any time. Likewise put a flag on an account to be notified of certain material changes. 

Conan1Sett

Thrugelmir said:

Lenders could spot check a credit report again at any time. Likewise put a flag on an account to be notified of certain material changes. 

Wouldn't they only do another credit check if there's a change to the application?

I've already had the offer.

Irishpearce26

Conan1Sett said:

Thrugelmir said:

Lenders could spot check a credit report again at any time. Likewise put a flag on an account to be notified of certain material changes. 

Wouldn't they only do another credit check if there's a change to the application?

I've already had the offer.

Only if its significant i.e. you need to borrow more

Conan1Sett

Irishpearce26 said:

Conan1Sett said:

Thrugelmir said:

Lenders could spot check a credit report again at any time. Likewise put a flag on an account to be notified of certain material changes. 

Wouldn't they only do another credit check if there's a change to the application?

I've already had the offer.

Only if its significant i.e. you need to borrow more

Well, what I'm concerned about is if they have some kind of procedure where they check a customer's credit file. Call it a spot check if you will. Should they do that, they might find that I have an extra £700 of credit card debt due to unforeseen circumstances and decide that they need to remove the offer off of the table. 

Drawingaline

Conan1Sett said:

Well the lender is Santander and I dare not ask them about it. 

There is posts on internet forums including this one that state that only one credit check was carried out during the application but that was back in 2019. 

We had a credit check the day the application went in to Santander and didn't have another one. This was last July, and we drew the mortgage down the end of January (only just made the 6 months!) 

However wether they have tightened up lending since, or do it differently for different circumstances I can't say.

I held off signing up for a phone contract for my son until we had the offer (which took seven weeks) and had no plans on any other borrowing, but continued to use my credit card (paid in full each month) normally, so at any time it may have shown a balance.

Irishpearce26

Conan1Sett said:

Irishpearce26 said:

Conan1Sett said:

Thrugelmir said:

Lenders could spot check a credit report again at any time. Likewise put a flag on an account to be notified of certain material changes. 

Wouldn't they only do another credit check if there's a change to the application?

I've already had the offer.

Only if its significant i.e. you need to borrow more

Well, what I'm concerned about is if they have some kind of procedure where they check a customer's credit file. Call it a spot check if you will. Should they do that, they might find that I have an extra £700 of credit card debt due to unforeseen circumstances and decide that they need to remove the offer off of the table. 

That's why some lenders randomly check to ensure you aren't taking on more debt that could effect your ability to pay their loan back. The advice is to not take on any additional credit until you have completed.