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Solicitor, easy to add lender to panel??
Snookie12cat
Posts: 805 Forumite
I have done all the legals for my purchase but now need to apply elsewhere for the mortgage. There is only one lender I can apply to and the solicitor is not on the panel.
Is it hard for them to apply to be added in this case? I can't start the process again but can't actually finish the process without this mortgage.
Is it hard for them to apply to be added in this case? I can't start the process again but can't actually finish the process without this mortgage.
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Comments
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Depends om the solicitor and depends on the lender!Assuming the solicitor wants to join the panel, and assuming the firm meets the lender's requirements, then it is down to the speed with which they both process the application.3
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I think (someone correct me if I'm wrong), that you could keep using your solicitor and the lender could use a different solicitor? The panel thing is about whether the solicitor can act for the lender as well as for you... It would be unusual to use separate solicitors but presumably possible.
That's in case the solicitor doesn't want to join the panel. There's probably a cost to do so.3 -
True, but separate representation means you're then paying the lender's solicitors' fees as well as your own (as well as complicating matters a bit by bringing in another firm).pinkteapot said:I think (someone correct me if I'm wrong), that you could keep using your solicitor and the lender could use a different solicitor? The panel thing is about whether the solicitor can act for the lender as well as for you... It would be unusual to use separate solicitors but presumably possible.
That's in case the solicitor doesn't want to join the panel. There's probably a cost to do so.3 -
The lender will look on the law society website to check the firm meets their requirements and add them.
It really shouldn't take long.1 -
Providing they meet the requirementsGentoo365 said:The lender will look on the law society website to check the firm meets their requirements and add them.
It really shouldn't take long.
I had to change once when changing mortgages as there were not 3 directors in the solicitors firm.
Total pain as the solicitors kept dragging it out and i still ended up having to change solicitors0 -
A little more convulated than that. Solicitors have to apply to join a lenders panel.Gentoo365 said:The lender will look on the law society website to check the firm meets their requirements and add them.
It really shouldn't take long.0 -
No problem with that at all, it's just more expensive as you have to pay 2 lots of solicitors fees.pinkteapot said:I think (someone correct me if I'm wrong), that you could keep using your solicitor and the lender could use a different solicitor? The panel thing is about whether the solicitor can act for the lender as well as for you... It would be unusual to use separate solicitors but presumably possible.
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Slithery said:
No problem with that at all, it's just more expensive as you have to pay 2 lots of solicitors fees.pinkteapot said:I think (someone correct me if I'm wrong), that you could keep using your solicitor and the lender could use a different solicitor? The panel thing is about whether the solicitor can act for the lender as well as for you... It would be unusual to use separate solicitors but presumably possible.
It also adds more time to the transaction since the second solicitor will be checking everything that the client's solicitor does.0 -
Lenders can remove solicitors from their panels for various reasons, such as if the solicitor firm doesn't have 5 partners or if the solicitor failed to renew their OS1's following completion, which would protect the lender's priority.
For firms such as these, it is not always straight forward for the lender to accept them back onto the panel.0 -
It just adds unnecessary complications and possible delays in what is already a frustrating process. Personally I would keep everything with 1Slithery said:
No problem with that at all, it's just more expensive as you have to pay 2 lots of solicitors fees.pinkteapot said:I think (someone correct me if I'm wrong), that you could keep using your solicitor and the lender could use a different solicitor? The panel thing is about whether the solicitor can act for the lender as well as for you... It would be unusual to use separate solicitors but presumably possible.1
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