the solicitor acts for the lender, not you!
It is a common mistake to think that the solicitor acts for you in regards to the mortgage, whereas they actually act on behalf of the mortgage lender and must report to them anything that could affect the mortgage lending. Examples of this include:
- Gifted Deposits - if you are getting a gifted deposit then your solicitor will report this to your mortgage lender unless it is already noted within the mortgage offer. See what the mortgage lender needs for a gifted deposit.
- Loans from family or friends - the solicitor will inform the mortgage lending about any other lending that is to be secured over the property or unsecured to buy the property.
- No planning permission - if the seller hasn't got planning permission for works completed then the solicitor will inform the mortgage lender.
In all cases the mortgage lender reserves the right to refuse to lend the mortgage based on the information the solicitor reports to them.
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Which solicitors can't work with which mortgage lenders?
A solicitor will need to apply to be on a mortgage lender panel and mortgage lenders choose which solicitors they will allow to be on their panel based on set criteria. The mortgage lender might choose to remove a solicitor from their panel if they haven't worked with them for a long time or if the solicitor has breached the terms set out by the mortgage lender (mortgage requirements are listed here - UK Finance Mortgage Lenders’ Handbook).
Here are some mortgage lender's criteria for solicitors to join their panel:
- Santander UK Plc - require the solicitor firm to be CQS accredited and to have 2 principals - Click to see if your solicitor is on the Santander panel
- HSBC Bank Plc - require the solicitor firm to be CQS accredited and to have 1 principal for properties up to £350k, 2 principals for properties up to £2m and 4 principals for properties up over £2m - Click to see if your solicitor is on the HSBC panel
- Royal Bank of Scotland - require the solicitor firm to be CQS accredited and to have 1 principal
- Natwest Bank - require the solicitor firm to be CQS accredited and to have 1 principal
- The Mortgage Works (TMW) - require the solicitor firm to have 2 principals - Click to see if your solicitor is on The Mortgage Works panel
- Paragon Mortgages - Click to see if your solicitor is on the Paragon mortgage panel
Mortgage lender criteria changes so make sure to speak to your mortgage lender to find out their current mortgage lender panel of solicitors.
Our panel solicitors are on all mortgage lender panels* and we offer fixed fee quotes for purchase and remortgages - call us now on 0207 112 5388.
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Mortgage solicitors near me?
Back 30 years ago you would get a mortgage from your local lender, if in Coventry it'd most like be the Coventry Building Society, and instruct your local high street solicitor in Coventry. This could be a limiting factor if that solicitor wasn't very good at conveyancing or they charged too much money. The market has now opened up to allow you to work with and conveyancing solicitor you like - you can choose a cheap one, one with an Excellent rating on Trustpilot or even one referred to you by your friend. As long as the solicitor works on the panel of your mortgage lender then they can help you.
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Which mortgage lender panels are SAM's solicitors on?
SAM Conveyancing's panel solicitors are on all mortgage lender panels* meaning our solicitors can always act for you when you're buying - or selling - and there is a mortgage involved.
* Islamic Bank is the only exception.
