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Pepper Homeloans Conveyancing Panel : Questions and Answers
I am in the process of selling my maisonette and the EA has just e-mailed to advise that the buyers are changing their conveyancer. The excuse is that Pepper Homeloans will only work with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain law firms?
UK lenders 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 point to the increase 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 hearing daily from firms 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 husband and I intend to remortgage our maisonette with Pepper Homeloans. We have a son approaching twenty who lives with us. The solicitor on the Pepper Homeloans conveyancing panel has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Pepper Homeloans conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Pepper Homeloans .This is solely used to protect the Pepper Homeloans if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Pepper Homeloans had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Do I need to visit the offices of the Pepper Homeloans conveyancing panel solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Newcastle
so that I can attend their offices if necessary.
Most conveyancing panel lawyers for Pepper Homeloans undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.
We're in Wales, FTBs purchasing with a mortgage (lender is Pepper Homeloans , but our lawyer is on the Pepper Homeloans conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Pepper Homeloans 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
Is the case that all CQS (Conveyancing Quality Scheme) solicitors on the Pepper Homeloans conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I am selling my apartment. I had a double glazing fitted in month 2010 but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Pepper Homeloans are being problematic. The solicitor who is on the Pepper Homeloans conveyancing panel is recommending indemnity insurance as a solution but Pepper Homeloans are insisting on a building regulation certificate. Why do Pepper Homeloans have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Pepper Homeloans have referred the matter to their valuer. The reason why Pepper Homeloans may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
Next month my fiance and I are purchasing a flat in Hendon. Conveyancing solicitors in Hendon will soon begiven the go-ahead. My colleaguesuggested that we make sure that the solicitor in Hendon is on the Pepper Homeloans list of approved conveyancing firms. Is this right?
Far from all Hendon conveyancing practices are on the Pepper Homeloans conveyancing panel. Use the above search tool to locate a Hendon conveyancing solicitor on the on the Pepper Homeloans panel.