If you are using a mortgage to purchase a property, or taking out a re-mortgage on a property you already own, it is important to make sure that the conveyancing firm you instruct for the legal work is named on your mortgage lender’s list of approved conveyancers, which is known as a ‘panel’.
A mortgage lender generally will only agree to work with conveyancing firms which they have approved and listed on their panel. The large high-street lenders, such as Halifax, NatWest, Lloyds, etc., make panel applications relatively straightforward, and are always open to new applicants, meaning almost any conveyancing firm will be able to work with them. Outside of these banks, however, there is a large market of more bespoke lenders, catering to clients that may not fit the criteria demanded by high street banks, or that offer competitive rates through their relationships with mortgage brokers. These lenders tend to have much stricter restrictions on the conveyancers they will approve and are often closed to new panel applications. This results in them having a much smaller pool of firms to draw from, which can make it very difficult to find a conveyancing firm who are able to act on your behalf.
Given our long history and standing in the area, along with the scale at which we operate, Banner Jones are fortunate to be approved solicitors for many of these less well-known lenders. For example, we are on the approved panel for Sainsbury’s, Pepper Money, Vida Home Loans and many more that other legal firms in the region simply cannot act for.
If you have instructed, or are thinking of instructing, a mortgage lender and have any concerns about finding a conveyancer they are able to work with, please do not hesitate to contact us. We can act for the vast majority of lenders in the country and will be able to confirm with you straight away if we are able to help in your case.
Thinking of turning your home into an Airbnb?
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
Moving home during a lock down - your questions answered
In this article, our residential property expert, Kate Skelton, answers some of the more commonly asked questions about what is and what is not possible during these times; including what to do if you have already exchanged contracts but are unable to move due to the pandemic, and who to speak to if your financial situation changes in the coming months.
Tips for becoming a landlord
Help To Buy ISA - How Have They Done?
Recent government statistics have revealed that the Help to Buy ISA scheme is helping first-time buyers to get on the property ladder three years earlier than they otherwise would. The result has been calculated by looking at the average age of first-time buyers both with and without the ISAs. On average, those who use the ISA to buy their first home are three years younger than those who do not, with the median age of those using the Help to Buy ISA being 27.
Property Scam – A Cautionary Tale
It’s a troubling norm of today’s society that most people will have heard a horror story about property fraud from a family member, a colleague from work or simply reading online. Importantly, these stories need to be kept in perspective: remember, the tales of properties being rented and sold without any noteworthy problems are the ones people usually don’t bother sharing! However, it’s also worth taking heed of the negative experiences of others to ensure you do everything you can to avoid falling into similar traps.
What impact will an interest rate rise have on young homebuyers’ mortgage bills?
Recent official figures have revealed that homebuyers are being lent more money by banks than at any time since the global financial crisis a decade ago, with many of the borrowers being young people for whom stepping onto the property ladder is barely affordable. As such, billions of pounds of debt which may prove unsafe is being taken on by them at a time when interest rates are expected to rise.
Need to Sort out Your Finances?
Around 50% of us make a New Year’s Resolution to 'sort out the finances’ but for most of us it's more of a wish than a firm commitment to take action. Looking at the January appointments we’ve had with wealth management clients here are the topics that we’ve discussed most often. If you’re determined to sort out your finances, these may give you some food for thought.
Bank Liable for damage to credit rating
The patient’s right to information
A woman recently won damages on behalf of her son for injuries sustained at his birth as a result of the alleged negligence of a consultant obstetrician and gynaecologist.