Perenna Conveyancing Panel Recently Asked Questions from members of the public
I am selling my apartment and the EA has just texted me to advise that the buyers are switching law firm. The reason given is that Perenna will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific law firms?
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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise 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 being contacted daily by practices 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.
Our conveyancer has identified a defect with the lease for the flat we are purchasing. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the Perenna conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or Perenna?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and Perenna are the client. A precondition to being on the Perenna approved panel is to comply with the CML Handbook requirements (last updated for this lender on Perenna). The CML Handbook conditions require your lawyer to disclose issues such as defects will the lease so that Perenna can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I note that you have a post code search directory listing solicitors on the Perenna conveyancing panel. Do firms pay you a referral fee if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Perenna conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
The solicitors that I appointed last week on my purchase in London has without warning shut down. They were on acting for me because I had to have a solicitor on the Perenna conveyancing panel and my previous lawyer was not. I gave them a cheque for £150 in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Perenna conveyancing panel and notify the lender. If you have paid over any money it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist
We are getting a further advance on our mortgage from Perenna as we wish to carry out a loft conversion to our home. Do we need to appoint a solicitor on the Perenna conveyancing panel to deal with the legals?
Perenna do not ordinarily appoint firms on their approved list of lawyers to deal with such a matter. If they did require any legal work then you would need to ensure that such a lawyer was on the Perenna list
We expect to receive a DIP from Perenna 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 Perenna recommend a solicitor on the Perenna 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 Perenna conveyancing panel. The solicitor represents both you and the Perenna through the process.
Next month my fiance and I are acquiring a flat in Hendon. Conveyancing solicitors in Hendon will soon beretained. My agentsuggested that we make sure that the conveyancing practitioner in Hendon is on the Perenna approved list of lawyers. Aren't all lawyers on the Perenna panel?
Not all Hendon conveyancing solicitors are on the Perenna conveyancing panel. Click here to locate a Hendon conveyancing practitioner on the on the Perenna solicitors pane.