What Is A Panel Solicitor?

If you are buying a property, you may have been told to find a panel solicitor to do your conveyancing for you. Below, we answer the question, what is a panel solicitor? and explain why it is essential to use one when buying a house with a mortgage.

At Lockings Solicitors, we are panel solicitors for all major mortgage lenders, meaning that if you are taking out a mortgage, you can use us for your conveyancing. We have over fifty years of experience and are highly rated by our clients, with 98% saying that they would recommend us to their friends and families.

We know that you may want to move quickly, and we always aim to deal promptly with property purchases. To this end, we always work actively to progress matters and avoid delays.

If you are wondering, what is a panel solicitor? and you are buying a property with a mortgage, call us today. We are panel solicitors for all main lenders, and we offer a FREE initial chat so that you can ask us any questions you may have about buying or selling a property.

Call us on 01482 300 200, email us at welcome@lockings.co.uk or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and represent clients across the country in freehold sales and purchases. We also deal with leasehold sales and purchases and newbuild purchases for local properties.

What is a panel solicitor?

A panel solicitor is a solicitor who has been approved by a mortgage lender and added to their panel of conveyancers that they are prepared to work with. A panel solicitor must be accredited by the Law Society and hold their Conveyancing Quality Scheme mark, confirming that they meet industry standards.

The solicitor will also have been through a process of checks with the lender in question, so that the lender can satisfy themselves independently that the solicitor meets their criteria in respect of legal knowledge, service provision, and risk management.

Once the lender has completed their approval process, the solicitor will be added to the lender’s panel, and borrowers who are taking out a mortgage with the lender will be able to instruct the solicitor to represent them.

What does a panel solicitor do?

A panel solicitor represents both the buyer and the mortgage lender in a property purchase. This means that they will report to both parties on the property, confirming issues such as satisfactory search results, a good legal title, and that all necessary permissions, such as rights of way or planning consents, are in place and legally valid.

The lender will have a list of criteria to be met before they will lend against a property. As panel solicitors for all main lenders, we are familiar with lender requirements and will ensure that the seller provides us with the information we need.

Once we are satisfied that the property is good security for the loan and you are happy with everything, we will be able to order the mortgage advance. The lender will send this directly to us in time for completion.

Do I need a panel solicitor for my purchase?

If you are obtaining a mortgage, you need a panel solicitor. If your solicitor is not approved by your lender, then difficulties will arise, and you are likely to experience delays and extra expense.

What happens if I don’t use a panel solicitor?

If your solicitor is not approved by your mortgage lender and not on their panel, the solicitor will not be able to report to the lender on the property and request funds from them for completion. Instead, you would either have to move to a different solicitor, which could cause delays and extra expense if the original conveyancer had already carried out some work on your behalf, or your lender would need to instruct their own legal team. You would be required to pay the costs of this.

If the lender uses their own legal team, there is a high risk that the transaction will proceed more slowly. Your solicitor will need to provide them with information, and they will not necessarily be motivated to move matters along quickly if they are not in direct contact with you. They are likely to have a large workload if they act for the lender on a routine basis, and will process matters in order, and not necessarily as a priority. This can be frustrating if you have a deadline to meet or the rest of your chain is anxious to proceed.

How do I find a panel solicitor?

You can ask your preferred solicitor if they are authorised by your chosen mortgage lender. At Lockings Solicitors, we are on the approved panel of all main lenders, but if you would like to check that we can represent your particular lender, please call us today, and we will be happy to confirm this for you.

Why choose Lockings as your panel solicitor for a purchase?

We move you quickly – we know you will be keen to complete, and we always work proactively to ensure a purchase is moving forward effectively. We move our clients 3 weeks quicker to completion than the national average. We stay in close contact with the other parties, such as the seller’s solicitor and the estate agent, ensuring that information is provided to us as needed and matters are followed up promptly. In our experience, this can make a huge difference in avoiding delays and completing a purchase quickly.

We are panel solicitors for all main lenders – we have been through the approval process with all major high street mortgage lenders, so that we can act for both them and you in a property purchase. We know exactly what documentation they will need, and we will ensure that they have it in plenty of time for completion.

We provide regular updates – we will make sure that you know what stage we have reached with your purchase, and keep you in the loop as each stage of the transaction is reached.

Our legal advice is clear – we will take the time to explain matters in plain, jargon-free English to you, ensuring that you have the information you need to make an informed decision.

Easy to contact – you can deal with us in the way that best suits your needs, whether this is by phone, email, videolink, or in person at our offices. If you need us to call you, we will do so straightaway, and we are always happy to hear from you, to answer questions, and to discuss any worries you may have.

Independent accreditation and excellent reviews – we hold the Law Society’s Conveyancing Quality Scheme accreditation, awarded to law firms that provide a high standard of legal advice, good client care, and strong risk management. Our clients rate us as Excellent, and we hold over 800 reviews on Google.

Easy onboarding – we offer a secure online conveyancing portal that you can use if you choose, to provide us with the initial information we will need from you. If you intend to buy a property, you can contact us now, and we will help you get started, so that we are ready to start work as soon as you have an offer accepted.

Great value for money – Our service is provided by genuine experts in conveyancing and property law, and we always go the extra mile to make sure that the moving process goes as smoothly as possible for you.

Free initial chat – you probably have questions about the conveyancing process, and we offer a free initial chat so that you can ask us anything. Call us today, and we will be happy to help.

Contact our mortgage panel solicitors

If you are looking for conveyancers approved by lenders to represent you in your property purchase, call us today.

You can ring us for a FREE initial chat on 01482 300 200, email us at welcome@lockings.co.uk or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and represent clients across the East Yorkshire and York area and beyond.