Pepper Money (UK) Solicitor Panel Recently Asked Questions from members of the public
I am selling my apartment and the EA has just texted me to warn that the buyers are changing their law firm. The reason given is that Pepper Money (UK) will only work with property lawyers on their conveyancing panel. Why would a big named lender only work with specific solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud as the reason 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.
My solicitor has identified an inconsistency when comparing the information in Pepper Money (UK)’s valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that as he is on the Pepper Money (UK) conveyancing panel he is duty bound to ensure that the bank is with this discrepancy and is content go ahead. Is my conveyancer’s course or action right?
A precondition to being on the Pepper Money (UK) approved panel is to comply with the CML Handbook requirements (last updated for this lender on Pepper Money (UK)) which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Whilst your website is a good idea there are many lawyers listed near Hackney on the Pepper Money (UK) conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for Pepper Money (UK) ?
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 considering applying for a Pepper Money (UK) mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Pepper Money (UK)?
In theory, you could use a solicitor that is not on Pepper Money (UK) conveyancing panel, but Pepper Money (UK) would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Can you point me to a directory of Pepper Money (UK) panel conveyancers on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings available online.
Hi, thinking about buying a house off my mate. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Pepper Money (UK). Is it possible to avoid using solicitors to save us both money? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Pepper Money (UK) involved you will need to appoint a solicitor on the Pepper Money (UK) 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 Money (UK). Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Pepper Money (UK) conveyancing panel.
Intending to buy a flat with a mortgage with Pepper Money (UK). 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 Pepper Money (UK) 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 Pepper Money (UK) conveyancing panel