Homebuyers are usually not aware of the existence of lenders solicitor panels – that is, until they find that their own solicitor won’t also be able to act for the lender because he or she is not on the lender’s panel. So the arrangements that mortgage lenders have for appointing and retaining panel solicitors may be of some concern to property buyers.
Law and Lawyers is on panel with all of the major lenders and >90% of all lending panels in UK including niche and specialist lenders. This ensures a hassle free experience and saves a considerable amount of time and paperwork for the buyers and sellers.
The lender panel system has been developed by Decision First, in collaboration with a working group of lenders. It will be open to all lenders who wish to participate. Three major lenders, Lloyds Banking Group, Santander and Royal Bank of Scotland Group, have already confirmed that they will be adopting "Lender Exchange" when it starts and expressions of interest have also been made by Coventry Building Society, Bank of Ireland, and Paragon Group.
Homebuyers normally assume that their own solicitor will be able to handle the legal work in connection with the mortgage. But lenders generally only instruct firms which are on their panel of approved solicitors. So if a buyer finds that his or her own solicitor is not on the lender’s panel the buyer will either have to instruct a different solicitor or pay additional legal fees for a second firm to act for the lender.