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Ready to buy a new home? Failing to check that a lawyer is on the PepperMoney list of approved solicitors can put your transaction at risk of delay or failure.
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I am progressing with the sale of my flat and the EA has just e-mailed to warn that the buyers are swapping law firm. The excuse is that Pepper Money will only engage with solicitors on their approved list. Why would a major lender only engage with specific lawyers?
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 Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 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.
Can you clarify something for me?. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Pepper Money was date stamped random date and we have agreed a date for me to move into the property on 6 months + 3. My lawyer informs me that as she is on the Pepper Money conveyancing panel she needs to redo the searches as they are no longer valid.
One of the many conditions to being on the Pepper Money approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Pepper Money)which states that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Pepper Money.
I require the services of a Pepper Money panel solicitor in Stirling. Can you assist?
It is not clear why you need a Pepper Money panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Pepper Money to find out which solicitors in Pepper Money are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
I was due to complete on my first house yesterday. My lawyer’s firm is on the Pepper Money solicitors panel but has moved offices 8 weeks ago and had not informed Pepper Money of their new address. Pepper Money is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Pepper Money branch or your mortgage broker to see if they can help.
I am buying a property where the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Pepper Money be concerned
Given that your lender is Pepper Money your lawyer must to check the Pepper Money conveyancing instructions contained in the Part of CML Handbook for Pepper Money . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Pepper Money where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. The CML are developing guidance for Northern Ireland and Scotland.
The for formalities of my purchase has taken place with a mortgage from Pepper Money. Conveyancing was a necessary evil but I would like to complain about Pepper Money. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the Pepper Money branches or the Customer Care Department at Pepper Money head office. Ordinarily complaints to Pepper Money are sorted out effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Planning on purchasing a house with a mortgage with Pepper Money. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Pepper Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Pepper Money conveyancing panel