Perenna Conveyancing Panel Example Support Desk Enquires from members of the public
I am in the process of selling my flat and the EA has just telephoned to warn that the buyers are switching law firm. I am told that this is due to the fact that Perenna will only work with solicitors on their approved list. On what basis would a major lender only work with specific lawyers?
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 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 solicitor has identified a legal deficiency with the lease for the property we are buying. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the Perenna conveyancing panel he must check that the lender is happy with this solution. Are we the client or is 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.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the Perenna conveyancing panel. My lawyer has said that they are on the Perenna approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the Perenna conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the Perenna solicitor panel.
My aunt passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Perenna , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then Perenna will insist on your using a conveyancer on the Perenna conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Perenna conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Perenna mortgage is registered as a charge at the Land Registry.
Can you point me to a directory of Perenna panel conveyancers on the Council of Mortgage Lender’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.
My brother and I have had an offer accepted on a flat I spoke to a solicitor recommended by my brother and he advised retaining a law firm approved by Perenna. The estate agent recommended two local firms so I asked Perenna if the 2 suggested solicitors are approved, which they are not. Perenna pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Perenna 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Perenna to suggest a law firm in your location. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Perenna conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Perenna conveyancing panel as it may only take about 2-3 weeks. As long as they meet Perenna’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I am currently in the process of buying my council flat. I have a mortgage agreed with Perenna. 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 Perenna you will need to appoint a solicitor on the Perenna conveyancing panel.