Many house buyers often have a family solicitor in mind when it comes to choosing their conveyancing solicitor. However, what happens if you’re told you can’t use this solicitor as they are not on the mortgage lender panel?
All mortgage lenders have a preferred panel of conveyancing solicitors who they regularly use. The panel will have shown that they can meet with the standards of that particular lender.
In this circumstance you have two options:
You can instruct your family’s solicitor and have the lender appoint their own conveyancing solicitor from their panel. If you do this you are likely to receive two separate solicitors bills, increasing the cost of your conveyancing as the solicitors will need to report to each other and the lender’s solicitor will raise onerous enquiries. This will increase the time it takes to complete your transaction.
Alternatively, you can instruct a firm of solicitors on the lender’s panel to act for both you and the lender. Usually these firms are part of the Conveyancing Quality Scheme, a firm recognised by the Law Society which has reached the required standard of practice. As the solicitor will act for you and the lender, the costs can be condensed into one matter. Whilst the work is the same, the correspondence and time spent dealing with enquiries is diminished significantly.
When buying a property, every penny counts so when you do instruct a conveyancing solicitor, make sure that they are completely transparent regarding their fees and ensure you have a complete breakdown of the charges expected.