Frequently asked questions relating to the Sainsburys Bank Solicitor Panel from members of the public
I am progressing with the sale of my flat and the EA has just telephoned to warn that the buyers are changing their conveyancer. The excuse is that Sainsburys Bank will only work with solicitors on their approved list. On what basis would a major lender only engage with certain law firms?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide , have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks 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 move into my new home next Monday. My conveyancing lawyer has asked me to provide him with a copy of the building insurance for the house as as he informs me that he is duty bound to validate that it is in order for Sainsburys Bank. What does the insurance need to cover?
All property lawyers on the Sainsburys Bank 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 Sainsburys Bank’s Part 2 requirements of the CML Handbook (last updated on Sainsburys Bank). Being on the Sainsburys Bank conveyancing panel your lawyer is expect to follow these instructions.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the Sainsburys Bank conveyancing panel. My lawyer has said that they are on the Sainsburys Bank 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 Sainsburys Bank 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 Sainsburys Bank solicitor panel.
My uncle passed away 10 months ago and as sole heir and executor was left the property. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Sainsburys Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Sainsburys Bank will insist on your using a conveyancer on the Sainsburys Bank 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 Sainsburys Bank 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 Sainsburys Bank mortgage is registered as a charge at the Land Registry.
I have a mortgage with Sainsburys Bank. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Sainsburys Bank?
Your original mortgage agreement with Sainsburys Bank will provide that you need their approval in advance of renting your property as this is likely to be a breach of Sainsburys Bank’s mortgage conditions. It may be that Sainsburys Bank will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Sainsburys Bank directly. You need not do this via a Sainsburys Bank conveyancing panel lawyer.
Planning on purchasing a house with a mortgage with Sainsburys Bank. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Sainsburys Bank 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 Sainsburys Bank conveyancing panel
Next month my fiance and I are buying a penthouse in Hendon. Conveyancing solicitors in Hendon need to begiven the go-ahead. My fatherrecommended that we check that the property lawyer in Hendon is on the Sainsburys Bank solicitors panel. Is this right?
It is not that case that all Hendon conveyancing firms are on the Sainsburys Bank conveyancing panel. Click here to locate a Hendon conveyancing solicitor on the on the Sainsburys Bank list of approved conveyancing firms.