FTB - Confused Regarding Identifying Lender and when to contact conveyancer

msteer
msteer Posts: 21
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edited 29 June 2021 at 10:29PM in Mortgages & endowments
Hi all, I'm a first time buyer and had an offer accepted on a house today! I have an agreement in principle through London and Country mortgage brokers, which I am using with proof of deposit to substantiate my offer. I am, however, a little confused on the next steps involved in terms of selecting a lender and choosing a conveyancer... I'm waiting for a call in the next few days from London and Country where we will hopefully find the right mortgage deal for me - should I wait for this, so that I'm aware of who my lender is likely to be, before instructing a conveyancer (I already have a number of quotes from local and online firms)? I'm slightly concerned that London and Country will be slow in getting back to me and I won't be able to identify a suitable conveyancer, as I won't know if they're on the lenders approved list (because I'm currently unsure who my lender will be...).

As an aside, if London and Country are slow in getting back to me, would it be acceptable to discuss with another broker (despite providing the London and Country agreement in principle to the estate agent)?

Really appreciate any help. 

Comments

  • okigen
    okigen Posts: 87
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    edited 29 June 2021 at 10:37PM
    Yes no problems with talking to different brokers. In fact it's even recommended as they may have access to different lenders/deals. L&C was the first broker I spoke with and they also gave me an AIP but I was not very impressed with them, so went with another one in the end.
    The only problem, if any, is the EA may ask for the broker contact details so they can call them to verify your status - although in your case I'm not sure the EA will need that given they have already seen your AIP.  Anyway, if the L&C guy knows you are going with another broker things may get a little awkward (but to be honest, you can just tell the EA that you changed your broker in that case).
  • user1977
    user1977 Posts: 13,254
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    edited 29 June 2021 at 10:58PM
    Being on the lender's panel is generally only a problem if you end up with a more obscure lender (or want to use a fairly small conveyancing firm). Conveyancers of any size are highly likely to be on the panels of all the mainstream lenders.
  • ACG
    ACG Posts: 23,602
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    I am normally against instructing multiple mortgage brokers, but if it is taking them a few days to come back to you, that does not bode well for the rest of the process. 

    In terms of solicitors, most solicitors will either be on most panels or can be added if not - general rule of thumb is that there needs to be 2 partners. There are exceptions but it is usually more specialist lenders that need more partners. You just need to know who you plan on using for the legals, you do not need to officially instruct them until your application is in, butt here is no harm checking they are on panel before the application goes in. 
    I am a Mortgage Adviser
    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.
  • msteer
    msteer Posts: 21
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    Thanks for all the help everyone. Just to check my understanding, can I essentially approach a solicitor now but not instruct until the application is in? - So I could refer to them as my solicitor but not pay for anything until the mortgage application is in process?
  • ACG
    ACG Posts: 23,602
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    Yup
    (just filling up space). 
    I am a Mortgage Adviser
    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.
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