When you are buying a property you will often be using a mortgage facility from one of the UK’s many lenders, including banks and building societies.
The lender will need to ensure that the property you are purchasing has a sound title, since they will be securing their loan against the house or flat. They must ensure that they can recover any outstanding monies if you are unable to keep up re-payments.
What Is a Mortgage Lender Panel?
Most mortgage lenders will have a panel of solicitors whom they instruct to represent them during the purchase process.
In most cases they will prefer to use the professional you have chosen, but it is important to check that your conveyancer is also a member of your lender’s panel. If they are not, this can lead to delays in the conveyancing process, since two sets of advisors will be involved and documents will have to pass back and forth. Alternatively, your lender may insist that you only use a conveyancer from their panel. If you are purchasing a property in the Midlands and are looking for conveyancing solicitors Rugby is a good place to start.
How Do I Know Whether My Conveyancer Is on the Lender’s Panel?
The simple answer is that you should ask your conveyancer as soon as you approach them. Provided you know who your lender is going to be, your conveyancer should be able to confirm whether or not they are on the appropriate panel list.
Make sure you confirm this at the earliest possible stage. It is vital that you do not begin the process and then find out that costly delays might occur. So if you plan to benefit from the expertise of conveyancing solicitors Rugby and other locations are home to a range of professionals. Your first question should be whether or not the company is on your lender’s panel.
The situation may be complicated by the fact that you have either obtained your mortgage through a broker, and they or the estate agent dealing with the property have recommended a conveyancer. Although they may be suggesting competent professionals, they may not have checked that they are on the mortgage provider’s panel. It remains your responsibility to ensure that this is the case.
If you are deciding between two or three lenders, make sure your conveyancer is on each potential mortgage provider’s panel.