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Blue Peter

Conveyancing Question

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that I can't remember exactly.

If I buy a house with a mortgage, I

pay for my solicitors/conveyancers to do the conveyancing?

pay a fee to the mortgage company for their solicitors to scrutinize the conveyancing?

Is that correct?

Peter.

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You instruct a solicitor to carry out the conveyancing work, just notifiy the lender who they are.

But they have to be acceptable to the lender (on their panel?), no? And don't they do somethiong for the lender (which you pay for)?

Peter.

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But they have to be acceptable to the lender (on their panel?), no? And don't they do somethiong for the lender (which you pay for)?

Peter.

most of the time you have the same solicitors, but you will be asked to sign a waiver (or should be) to acknowledge that in the event of a conflict of interest, the solicitors will act in the interest of the mortgagee (the lender). Those solicitors would typically have to be in a partnership and carry not less than a certain amount of professional indemnity cover (can't remember the threshold, but it's about £3M I think - normal for most firms). What's changed recently is the insistence on using the lender's panel of lawyers, which basically means they can control who gets the work and how they do it - which takes it off Mr High Street and onto other terms that are agreed in the background between the lender and the solicitors (often to force the conveyancers to hand over a chunk of their fee to the lender.....). I think you'll have to ask. If it's a simple remortgage, I'd not worry about having an independent set of lawyers look at it, but I do understand the documents, if you don't, then it's worth paying someone a couple of hundred quid to look out for you. If I was buying a house, I'd not use the banks' conveyancers they insisted on (in exclusion to my own) under any circumstances (and never have done).

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