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Pepper Money (UK) Conveyancing Panel : Questions and Answers
I am selling my apartment and the estate agent has just e-mailed to say that the buyers are swapping conveyancer. The excuse is that Pepper Money (UK) will only engage with solicitors on their conveyancing panel. Why would a leading lender only work with specific solicitors?
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 more than 15 years.
Lenders point to the increase 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.
I am due to complete my purchase next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in has capacity as lawyer for Pepper Money (UK). What risks do Pepper Money (UK) expect the insurance to cover?
All property lawyers on the Pepper Money (UK) conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Pepper Money (UK)’s Part 2 requirements of the CML Handbook (last updated on Pepper Money (UK)). Being on the Pepper Money (UK) conveyancing panel your lawyer is expect to follow these instructions.
I see that you have a post code search directory identifying firms on the Pepper Money (UK) conveyancing panel. Do firms pay you a referral fee if I retain them for my house purchase?
We are a listing service only for law firms wishing to communicate if they are on the Pepper Money (UK) conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
We're in Liverpool, First time buyers purchasing with a mortgage (lender is Pepper Money (UK) , but our lawyer is on the Pepper Money (UK) conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Pepper Money (UK) conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
My fiance and I are spending time looking at apartments and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I will be getting a mortgage with Pepper Money (UK)
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Pepper Money (UK) , ask your prospective lawyers check they are on the Pepper Money (UK) conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Pepper Money (UK). My uncle retired last week and wants to pay off my mortgage. After Pepper Money (UK) 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 Pepper Money (UK) conveyancing panel? I do not intend to live at the property once the Pepper Money (UK) mortgage is discharged.
You
will need a solicitor but they need not be on the Pepper Money (UK) 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. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
It is not clear whether my mortgage offer requires a lease extension . I have called into my local branch Pepper Money (UK) on numerous occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Pepper Money (UK) conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. I simply dont know who is right
As long as the conveyancer is on the Pepper Money (UK) panel she or he must comply with the CML Handbook requirements for Pepper Money (UK). Unless your lawyer obtains specific confirmation in writing that Pepper Money (UK) will go ahead your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask Pepper Money (UK) to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.