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approved by Sainsburys
Ready to buy a new home? Failing to check that a lawyer is on the Sainsburys list of approved solicitors can put your transaction at risk of delay or failure.
Find an Approved Solicitor on the Sainsburys Bank Conveyancing Panel
Frequently asked questions relating to the Sainsburys Bank Solicitor Panel
I am in the process of selling my flat and the EA has just telephoned to advise that the purchasers are changing their conveyancer. The reason given is that Sainsburys Bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with certain law firms?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
My lawyer has identified a difference when comparing the surveyor’s assumptions in Sainsburys Bank’s home valuation report and what is in the legal papers for the property. My solicitor has advised that as he is on the Sainsburys Bank conveyancing panel he needs to check that the lender is happy with this discrepancy and is content go ahead. Is my conveyancer’s course or action right?
A precondition to being on the Sainsburys Bank approved panel is to comply with the CML Handbook requirements (last updated for this lender on Sainsburys Bank) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How do I find a local solicitor on the Sainsburys Bank conveyancing panel? I have a car and am prepared to travel up to 10 miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel search on this page. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Sainsburys Bank solicitor panel.
The solicitors that just started acting on my purchase in Brighton has suddenly shut down. They were on acting for me because I had to have a solicitor on the Sainsburys Bank conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Sainsburys Bank conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist
Do the majority of banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Sainsburys Bank conveyancing panel requirements are different to Sainsburys Bank’s conveyancing panel criteria.
My existing mortgage is with Sainsburys Bank. My godfather has just retired and wants to pay off the mortgage left on the property. After Sainsburys Bank is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Sainsburys Bank conveyancing panel? I do not intend to live at the property once the Sainsburys Bank mortgage is discharged.
You
will need a solicitor but they need not be on the Sainsburys Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. There's no capital gains tax for you as it is
your main residence.
I currently have a mortgage with with Sainsburys Bank. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Sainsburys Bank?
Sainsburys Bank must be informed of your intention before renting your property as this is likely to be a breach of Sainsburys Bank’s mortgage conditions. It may be that Sainsburys Bank will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Sainsburys Bank directly. You need not do this via a Sainsburys Bank conveyancing panel firm.