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I am in the process of selling my house and the EA has just e-mailed to warn that the purchasers are changing their law firm. The reason given is that Pepper Money will only work with solicitors on their approved list. Why would a leading mortgage company only deal with certain solicitors?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders 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 being contacted daily by practices 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 he says that he has to check this in has capacity as lawyer for Pepper Money. What does the insurance need to cover?
All property lawyers on the Pepper Money 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 Pepper Money’s Part 2 requirements of the CML Handbook (last updated on Pepper Money). Being on the Pepper Money conveyancing panel your lawyer is expect to follow these requirements.
I see that you have a search directory listing solicitors on the Pepper Money conveyancing panel. Do firms pay you a referral fee if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Pepper Money conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am considering applying for a Pepper Money mortgage for purchase of a new build (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Pepper Money?
There is nothing to stop you using your solicitor but Pepper Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have a mortgage with Pepper Money. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Pepper Money?
You must advise Pepper Money in advance of renting your property as this is likely to be a breach of Pepper Money’s mortgage conditions. In many cases banks or building societies 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 Pepper Money directly. You need not do this via a Pepper Money conveyancing panel solicitor.
Completion of my purchase has taken place with a mortgage from Pepper Money. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about Pepper Money. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the Pepper Money branches or the Customer Care Team at Pepper Money head office. Ordinarily complaints to Pepper Money are sorted out very quickly. If you feel that the matter is not resolved you can write to the
Financial Ombudsman Service who will take matters further.
I am due to exchange contracts on my house. I had a double glazing fitted in month 8 but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Pepper Money are being pedantic. The solicitor who is on the Pepper Money conveyancing panel is saying indemnity insurance will be fine but Pepper Money are insisting on a building regulation certificate. Why do Pepper Money have a conveyancing panel of they don’t accept advice from them?
It is probably the case that Pepper Money have referred the matter to their valuer. The reason why Pepper Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing correctly and safely installed. It merely protects against enforcement action which is very unlikely anyway.
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