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Lender Panels

If you are selling, buying, re mortgaging or transferring equity in a property it is important to ensure that the solicitor or licensed conveyancer that you choose is on your lender’s panel. But what exactly is a lender’s panel and why is it necessary for your conveyancer to be part of it?

The majority of lenders in England & Wales operate an open panel of solicitors where they stipulate that any solicitor acting for them in a mortgage satisfies certain criteria. This criteria varies but generally relates to the number of registered principals (partners) in a law firm and confirmation that they are registered with the Law Society of England & Wales or with the Council for Licensed Conveyancers. Some lenders operate closed panels where they will only allow a select number of solicitors to act for them and sometimes lenders operate a local solicitor only panel. Recently one of the criteria being requested is that the Solicitor firm has the Law Society’s Conveyancing Quality Standard award.

The reason why it is necessary for your solicitor to be on your lender’s panel is that if they are they will also be able to act for your mortgage lender. As you will be responsible for paying the solicitor’s fees for acting for your mortgage lender it is cheaper for you if the same solicitor can act both for you and your lender. Otherwise you could end up by paying two firms of solicitors to do the same job.

The CMS panel comprises Law Society registered solicitor firms and CLC registered licensed conveyancer firms. We stipulate that our panel solicitors must have at least two registered principals (partners) and we check that they are on the panel of all the major lenders who operate an open panel. All of CMS panel solicitors have either achieved the Law Society Conveyancing Quality Scheme award or are working towards it.

As CMS solicitors do not charge a penny extra for acting for your mortgage lender this means that the quote you receive from us includes the mortgage lender work at no additional charge.

Our friendly customer service advisors are always happy to discuss with you your lender’s legal requirements and in the majority of cases we are able to select a solicitor from our panel for your conveyancing who will satisfy your lender’s requirements.

Another reason to select CMS for your conveyancing needs.

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