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FAQs for the Pepper Money Solicitor Panel
I am in the process of selling my maisonette and the EA has just texted me to say that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that Pepper Money will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with certain law firms?
Mortgage companies have always had panels 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 25 years.
Lenders blame a rise in fraud as the reason 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.
We are only a couple days away from an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my lender Pepper Money. I am advised that, being on the Pepper Money conveyancing panel and acting on their behalf he must inform Pepper Money if the balance of the mortgage advance is coming from anyone other than me. I disclosed to the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Pepper Money to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Pepper Money if you agree, failing which, your lawyer must cease to continue acting.
How up to date is your database of lawyers on the Pepper Money conveyancing panel? Do Pepper Money send you an updated list?
The firms themselves provide us confirmation that they are on the Pepper Money conveyancing panel as opposed to being supplied with a list from Pepper Money directly.
I am selling my house. Does my solicitor have to be on the Pepper Money conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Pepper Money conveyancing panel they can still act for you on your sale. it might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My husband and I are in the process of viewing flats and am about to put in an offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage with Pepper Money
It would be sensible to have your start your search soon rather than later. 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 , make sure you remember to check that your lawyer is on the Pepper Money conveyancing panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date . I have telephoned Pepper Money on various occasions and was told they are content with the situation and they would lend. My solicitor - who is on the Pepper Money conveyancing panel- telephoned and was told not they would not lend in accordance with their CML Handbook minimum lease term requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for Pepper Money. Unless your lawyer obtains specific confirmation in writing that Pepper Money 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 to contact your lawyer in writing confirming that they will accept the remaining number of years left on the lease.
I recently had an offer accepted on a house. My mortgage broker recommended their conveyancers I paid an upfront payment of 225. Soon after the conveyancers contacted me sheepishly admitting that they were not on the Pepper Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Pepper Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
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Transfer of Equity for Pepper MoneyPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors