[JagoPlasma]

I am applying for a mortgage and the lender says that if I am not using a conveyancer from their select panel then i will have to pay to use both their and my conveyancer.

can they do this? what happened to fair competition?

I want to use my conveyancer as they give me a preferential rate which is alot cheaper than elsewhere.

[paul1967]

In this day and age now with the credit crunch I'm seeing a lot of people having problems getting a mortgage,being made to jump through loads of hoops,the day's of throwing money at you are gone for the moment.It's there money you want so they can do as they please.

[krish]

Is it actually the lender (if so, who?)
- or a third party/mortgage broker forcing this?

I'd tell either of them to go forth and multiply, as I'm confident I'd make savings via other arrangements

[lord-dudester]

Originally Posted by JagoPlasma

I am applying for a mortgage and the lender says that if I am not using a conveyancer from their select panel then i will have to pay to use both their and my conveyancer.

can they do this? what happened to fair competition?

I want to use my conveyancer as they give me a preferential rate which is alot cheaper than elsewhere.

the reason they do this is because they have to have two conveyancers/solicitors working on your case, one to act on the lenders behalf and one for you

thats why they will insist that the firm you are using is on their panel. in this day and age pretty much every solicitor/conveyancer in the UK is on pretty much most mortgage lenders panels. - unless they're a solicitor/conveyancer working alone (1 person)

it basically means there's two or more qualified partners in the firm to handle the cases avoiding a legal conflict of interest (when the lenders checked that this can be done by a legal/conveyancing firm, they'll add them to their panel!)

most private solicitors who work alone tend to come across this problem fairly often and will usually send the work out to another firm to act on their behalf - almost like sub contracting your work out... if they do this you may not even know about it, its very common

i would expect your solicitor to be fully able to handle you case, if not alone, he must have some one he uses to do it for him. the problem being, they'll probly charge him and you'll probly loose your good rate!

RD

AV forums hardest working mortgage advisor!

[JagoPlasma]

cheers for the help

unfortunately due to me having a default of 5700 (2600 outstanding) i am restricted to a handful of lenders. charcol (broker) have recommended amber home loans for me and it is AHL that state in their terms that they insist on using a conveyancer from their panel (dont know what that panel is), and if i am to use one that isnt on their panel then i have to pay for both! (my conveyancer via work is the thompsons partnership)

i really dont have much choice even tho im paying a 10% deposit on a 109k mortgage! between us we earn 40k but were turned down for a mortgage the other day after another broker didnt check out a lender properly.

the seller is getting impatient so i really need to get a shift on!

[lord-dudester]

i use amber quite a bit and although ive never had this problem with them before, i've had it with skipton building society who own them (amber are their sub prime dept)

with skipton you can add solicitors to their panel, so i'd expect amber to do the same, although this can be quite a timely process. its a case of getting a form filled out from your solicitor and getting over to the lender, but its take a good two, maybe three weeks to get them approved and added to the panel

what i can do for you is speak to amber monday some time and check to see if your solicitors are on their panel, (just to check charcol are doing their job! - which they quite often dont!) or maybe get you a bit more advice on ways around it... its no problem, just drop me a PM if there's anyway i can help or point you in the right direction

RD