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Conveyancing solicitors on lenders Panel

ric1982
ric1982 Posts: 222 Forumite
in House buying, renting & selling
Hi,

Might be a stupid question but just trying to understand...

In the scenario where buyer needs to get mortgage but seller don't (seller becomes a cash buyer for onward chain). I know that buyers solicitor needs to be on lenders panel, but does the seller's solicitor needs to be on panel as well?

Thanks

Comments

  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
    First Anniversary First Post
    In a word, no.
  • kingstreet
    kingstreet Posts: 38,763 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Surrey_EA wrote: »
    In a word, no.
    Pesky ten character minimum! :D
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    First Anniversary First Post Combo Breaker
    If seller does not have a mortgage on the property he is selling then he doesn't need a solicitor on lender's panel as there is no lender to deal with.

    If he does have such a mortgage then the lender will want someone on their panel to receive the money and release the mortgage on their behalf so you would have extra costs if seller's solicitor not on panel.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • Slithery
    Slithery Posts: 6,046 Forumite
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    It depends.


    Does the seller currently have a mortgage on the property?
  • G_M
    G_M Posts: 51,977 Forumite
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    To be pedantic
    Richard_Webster wrote: »
    If seller does not have a mortgage on the property he is selling then he doesn't need a solicitor[STRIKE] on lender's panel as there is no lender to deal with. [/STRIKE].

    If he does have such a mortgage then the lender will want someone on their panel to receive the money and release the mortgage on their behalf so you would have extra costs if seller's solicitor not on panel.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    I think the question may mean whether the seller's solicitor needs to be on the buyer's lender's panel - to which the answer is still no.
This discussion has been closed.
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