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I am selling my house and the estate agent has just texted me to advise that the purchasers are swapping solicitor. The excuse is that Pepper Homeloans will only engage with property lawyers on their approved list. Why would a major lender only engage with specific 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks 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 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.
Our solicitor has discovered a problem with the lease for the apartment we are purchasing. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the Pepper Homeloans conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is Pepper Homeloans?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Pepper Homeloans are the client. A precondition to being on the Pepper Homeloans approved panel is to comply with the CML Handbook requirements (last updated for this lender on Pepper Homeloans). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Pepper Homeloans can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.
I have been looking for conveyancing quotes online. Can I be confident that all the law firms that are listed on your website are on the Pepper Homeloans conveyancing panel?
The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the Pepper Homeloans panel and agreed to advise us to take down their listing in the event of removal off of the Pepper Homeloans panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Pepper Homeloans conveyancing panel is incorrect.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Pepper Homeloans Conveyancing panel prior to completion?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can I be sure that the solicitor on the Pepper Homeloans panel is any good?
Getting recommendations is a good starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer carrying out your conveyancing
I was thinking of purchasing my friend’s property. Assuming we can agree a figure, what’s the best way to move forward? I plan to obtain a mortgage with Pepper Homeloans. Is it possible to avoid using solicitors to save on the costs? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Pepper Homeloans involved you will need to appoint a solicitor on the Pepper Homeloans conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Pepper Homeloans. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Pepper Homeloans conveyancing panel.
My husband and I are at the point of viewing flats and now considering a potential offer. Is it premature to have a solicitor in place? I I am planning to take a mortgage with Pepper Homeloans
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use 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 Homeloans , ask your prospective lawyers check they are on the Pepper Homeloans conveyancing panel otherwise they can't do the mortgage legal work.
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