Lender Panel Conveyancing Quotes from UK Solicitors & Licensed Conveyancers
If you are buying a property in the UK using the help of a loan or mortgage product from a third party such as a bank, building society or finance company, you will need to know or might of heard of the term "Lender Conveyancing Panel".
What is a Lender Conveyancing Panel?
A lender conveyancing panel is a collection of conveyancing law firms (solicitors and licensed conveyancers) that are approved to work for clients obtaining a mortgage with a particular lender and also on behalf of the lender themself.
So why is this important and why does it affect you when looking to buy or remortgage a house, flat, apartment or residential property in the UK?
Quite simply, if you do not use a conveyancer or solicitors that are approved to work with your lender and are a member of your chosen lender's panel, you will end up paying more for your conveyancing. Sometimes TWO lots of conveyancing costs!
Why pay more for your Lender Conveyancing? All inclusive Fixed Fee Conveyancing Quotes with Conveyancing Calculator
When you instruct a solicitor or legal firm to handle your conveyancing case, you are also instructing a property lawyer to work for your mortgage provider as well, so it's important to make sure that your chosen conveyancing firm can actually work with your chosen lender. The only way to know if your property lawyers can work with your solicitors is to make sure that you know whether they are a member of your chosen lender's conveyancing panel. You can confirm this in a couple of ways:
- Phone Call - Before instructing a solicitor for your purchase or remortgage, give them a call and ask if they are a member of your lender's conveyancing panel. E.g. "I am looking to instruct your firm to handle my purchase and I would like to know if you are a member of the Nationwide Building Society Lender Panel?"
- Lender Conveyancing Online Quote - Use an online conveyancing fees calculator that allows you to specify your chosen mortgage provider or lender. This way you can receive fixed fee conveyancing quotes, safe in the knowledge that you are not going to be charged extra fees for your solicitor acting on behalf of your lender as well.
If you use Conveyancing Calculator's quote comparison system, you can be sure that the solicitor's quotations shown and provided to you directly by our online conveyancing quotes system, are filtered so that only conveyancers that can act for YOU and the lender are shown and provide a full and detailed quote. This allows you to budget for your potential purchase and home move without any additional or hidden charges further along in the conveyancing process.
Avoid Delays in your Conveyancing Chain by using a Lender Panel Conveyancing Solicitor or Licensed Conveyancer
As a rule of thumb, it's generally quicker and cheaper if the same property laweyer acts for you as the buyer and your chosen lender.
If a separate solicitor is acting for your lender, then as the buyer your solicitor's paperwork will have to be sent back and forth between each firm thus causing delays in the conveyancing chain and the process. No only will you have to pay for two lots of conveyancing fees (yours and your lender's conveyancing), if you are in a conveyancing chain, you risk losing your buyer due to the uncessary delays. Is it worth risking everything, when you can just instruct a legal firm from the start to work for you and your lender and complete your conveyancing transaction in a timely and efficient manner.