FAQs : The Pepper Homeloans Solicitor Panel from members of the public
I am progressing with the sale of my house and the EA has just telephoned to say that the buyers are switching law firm. I am told that this is due to the fact that Pepper Homeloans will only deal with property lawyers on their approved list. Why would a major mortgage company only deal with certain law firms?
UK lenders 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification 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.
I am due to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Pepper Homeloans. What risks do Pepper Homeloans expect the insurance to cover?
All property lawyers on the Pepper Homeloans conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Pepper Homeloans’s Part 2 requirements of the CML Handbook (last updated on Pepper Homeloans). Being on the Pepper Homeloans conveyancing panel your lawyer is expect to follow these requirements.
I have been searching for competitive conveyancing fees. Can I be assured that all the firms that are listed on your website are on the Pepper Homeloans conveyancing panel?
The law firms listed on our site have advised us that they are on the Pepper Homeloans panel and agreed to advise us to take down their listing in the event of removal off of the Pepper Homeloans panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific firm being on the Pepper Homeloans conveyancing panel is not accurate.
I was supposed to complete on my first house yesterday. My lawyer’s firm is on the Pepper Homeloans solicitors panel but has moved offices in the past couple of months and had not advised Pepper Homeloans of their new address. Pepper Homeloans has locked down the release of mortgage funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. The majority of lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Pepper Homeloans branch or your mortgage broker to see if they can help.
When it comes to lenders such as Pepper Homeloans do solicitors have to be pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
We were going to get a DIP from Pepper Homeloans this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc).Do the Pepper Homeloans recommend a solicitor on the Pepper Homeloans conveyancing panel, or is it better to find our own lawyer
You will need to appoint solicitors independently although you'll need to choose one on the Pepper Homeloans conveyancing panel. The solicitor represents both you and the Pepper Homeloans through the process.
I have decided to exercise my right to buy my property off the council. I have a mortgage offer with Pepper Homeloans. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event if you are getting a mortgage with Pepper Homeloans you will need to appoint a solicitor on the Pepper Homeloans conveyancing panel.