Lloyds Approved Conveyancing Solicitors
When buying or remortgaging a property with Lloyds Bank, you should hire a residential conveyancing solicitor or conveyancer. You can look through Lloyds’ conveyancing panel list, which shows firms that are approved. Using a conveyancer that is on the Lloyds Bank conveyancing panel will minimise the risk of delays and also prevent extra costs.
If you are looking to instruct a conveyancer that is not on the Lloyds Bank conveyancing panel, you can compare up to 6 quotes using our comparison form.
In this guide, we’ll be taking you through everything you need to know about the Lloyds Bank conveyancing panel.
What is a Mortgage Lender Panel?
A mortgage lender panel is a list of trusted solicitors and conveyancers that have been approved by a specified mortgage lender. A Lloyds Bank conveyancing solicitor or conveyancer will have met the criteria laid out by the bank.
Mortgage lender panels should be researched by homebuyers and investors when buying a property. It is worth enquiring about the mortgage lender panel if you are borrowing from Lloyds Bank. This ensures you are dealing with credible conveyancing solicitors and licensed conveyancers.
Do I Need a Solicitor on my Mortgage Lender’s Panel?
Having a solicitor that is on your mortgage lender’s panel is not a legal requirement, but it is highly recommended. This is because choosing a solicitor that is not on your mortgage lender’s panel means that you will have to pay for the lender’s chosen solicitor. This means you may have to pay extra fees.
If your solicitor is not on the legal panel, they can choose to join the Lloyds Bank conveyancing panel and apply. If they meet the criteria laid out by the bank, this shouldn’t be an issue going forward.
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How to Check if my Solicitor is on the Lloyd’s Panel?
You’ll need to ask your mortgage advisor or Lloyds Bank whether your solicitor is on their conveyancing panel. Some banks also provide a list on their website with updated lists. The conveyancing panel tends to include firms from across the UK. This means that Lloyds Bank will be able to recommend solicitors that work in your local area.
Bear in mind that your solicitor may not ask who your lender is until the conveyancing process is already underway. This means that it is important to check with your lender or mortgage advisor to prevent any delays or extra costs.
What Happens if My Solicitor is Not on my Lender’s Panel?
If your solicitor is not on the lender’s panel, this can cause delays. This is because the lender needs a solicitor to represent them.
Even if the conveyancing process has begun, you can choose to swap to a solicitor that is on the conveyancing panel. However, bear in mind that you may be liable to pay any fees that your previous solicitor has charged thus far.
If you decide to proceed with your original solicitor, your lender will have to create a new file for their chosen solicitor.
Both options are likely to cause delays in the proceedings and may incur extra costs. Therefore, it’s always best to check beforehand. This is because you might have to cover the lender’s solicitor’s legal fees and additional costs.
“The conveyancer I chose was a family business and dedicated 2 people to the case, so that there is always someone to answer questions. This proved the right thing to look for in a conveyancer. I am glad I didn't go with a franchise where I don't think the care would have been as good.”
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Will it Cost Extra to Use a Lloyds Conveyancer?
Using a Lloyds Conveyancer will save you money compared to using a solicitor who is not on their list. Not using a conveyancing property solicitor on Lloyds conveyancing panel means that there may be extra costs. Therefore, it’s a better financial decision to select a panel solicitor.
Is it Better to Use a Solicitor or Conveyancer?
There are differences between conveyancing solicitors and conveyancers. The main difference is that solicitors work in other areas of law. On the other hand, conveyancers can only deal in conveyancing. This means that solicitors are likely to charge more because they have a higher level of qualification.
At Compare My Move, we can connect you with up to 6 licensed conveyancers and conveyancing solicitors. Our conveyancing partner network can be trusted to guide you through the conveyancing process. We offer a price comparison service, allowing you to compare quotes.
Simply fill out our conveyancing form and you can save money on your conveyancing fees.
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Please note: Compare My Move is not affiliated or connected to Lloyds Bank. We do not manage the Lloyds Bank Conveyancing Panel. We cannot guarantee that all of our conveyancing partners are on the Lloyds Bank Conveyancing Panel, so make sure you check when comparing conveyancers.
