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My partner and I are novices when it comes to buying a property. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report with the expectation that exchange is imminent. Santander have this evening contacted us to inform me that there is now an issue as our lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyers should contact Santander and see if they can apply for membership of the Santander conveyancing panel, but if that is not viable Santander will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Santander conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Our lawyer has identified a defect with the lease for the flat 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 lawyer has advised that as he is on the Santander conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Santander?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Santander are the client. A precondition to being on the Santander approved panel is to comply with the CML Handbook requirements (last updated for this lender on Santander). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Santander 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.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Santander conveyancing panel. Can you recommend a specific firm on the Santander approved panel?
We are not in the business of recommending one firm above another as the right firm for you depends on where your priorities lie. For example you may require a local firm with local knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..
I am selling my house. Does my solicitor have to be on the Santander conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Santander 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.
What are the common reasons for a lender such as Santander to withdraw a mortgage offer?
Lenders such as Santander can withdraw their mortgage offer although this is unusual. In the unlikely event that Santander withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are 5 examples:
- Many mortgage offers have an expiry date. Your lawyer should check this. Santander may amend or withdraw an offer before the end of its validation period if an offer extension is requested and following a re-evaluation of the property the value of the security is below a level which is acceptable to them.
- If the financial circumstances of the borrower have changed to the detriment and the Santander has been notified
- Where to proceed with the Mortgage offer would be unlawful
- Where the lender has to take account a recent change in law
- Where the sale is not at arms length for value to unconnected persons
My husband and I are in the process of looking at flats and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a home loan with Santander
It would be sensible to have your start your search soon rather than later. 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 estate agent. As you are getting a mortgage with Santander , make sure you remember to check that your lawyer is on the Santander conveyancing panel.
Planning on purchasing a flat with a mortgage with Santander. 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 Santander 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 Santander conveyancing panel
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