Mortgage firms often have panel solicitors to ensure that the legal process of completing a mortgage transaction is smooth and efficient. Panel solicitors are lawyers who have been selected and approved by the mortgage firm to handle the legal aspects of the mortgage transaction on behalf of the lender.
There are several reasons why mortgage firms have panel solicitors. Firstly, having a panel of solicitors helps to ensure that the lender can maintain quality control over the legal services provided to their clients. By having a pre-approved panel of solicitors, the mortgage firm can be confident that their clients are receiving a high standard of legal service.
Secondly, having a panel of solicitors allows mortgage firms to manage their legal costs more effectively. By selecting a group of solicitors to work with, mortgage firms can negotiate more favourable pricing arrangements with the solicitors on their panel. This helps to keep costs down for the lender, which can be passed on to the borrower in the form of lower fees.
Finally, having a panel of solicitors allows mortgage firms to maintain consistency and efficiency in their legal processes. By working with a group of pre-approved solicitors who are familiar with the lender’s requirements and procedures, mortgage firms can streamline the legal aspects of the mortgage transaction and ensure that the process is completed quickly and efficiently.
Overall, mortgage firms have panel solicitors to help ensure that their clients receive high-quality legal services, to manage legal costs, and to maintain consistency and efficiency in their legal processes.
Please call us to discuss this or any other property issues. Our conveyancing department would be happy to speak to you during working hours on 0161 850 9911 or at propertyteam@khanmather.co.uk