If you are using a mortgage to purchase a property, or taking out a re-mortgage on a property you already own, it is important to make sure that the conveyancing firm you instruct for the legal work is named on your mortgage lender’s list of approved conveyancers, which is known as a ‘panel’.
A mortgage lender generally will only agree to work with conveyancing firms which they have approved and listed on their panel. The large high-street lenders, such as Halifax, NatWest, Lloyds, etc., make panel applications relatively straightforward, and are always open to new applicants, meaning almost any conveyancing firm will be able to work with them. Outside of these banks, however, there is a large market of more bespoke lenders, catering to clients that may not fit the criteria demanded by high street banks, or that offer competitive rates through their relationships with mortgage brokers. These lenders tend to have much stricter restrictions on the conveyancers they will approve and are often closed to new panel applications. This results in them having a much smaller pool of firms to draw from, which can make it very difficult to find a conveyancing firm who are able to act on your behalf.
Given our long history and standing in the area, along with the scale at which we operate, Banner Jones are fortunate to be approved solicitors for many of these less well-known lenders. For example, we are on the approved panel for Sainsbury’s, Pepper Money, Vida Home Loans and many more that other legal firms in the region simply cannot act for.
If you have instructed, or are thinking of instructing, a mortgage lender and have any concerns about finding a conveyancer they are able to work with, please do not hesitate to contact us. We can act for the vast majority of lenders in the country and will be able to confirm with you straight away if we are able to help in your case.