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Perenna Conveyancing Panel Recently Asked Questions
My fiance and I are first time buyers. Within the last couple of days our property lawyer has forwarded the sale agreement to sign with a detailed report in anticipation of exchanging contracts shortly. Perenna have this afternoon contacted us to inform me that they have now hit a problem as our conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme.
Your solicitors should contact Perenna and see if they can apply for membership of the Perenna conveyancing panel, but if that is not viable Perenna will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the Perenna conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My partner and I intend to remortgage our maisonette with Perenna. We have a son 19 who lives with us. The solicitor on the Perenna conveyancing panel requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the Perenna conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Perenna .This is solely used to protect the Perenna if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave.
It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Perenna had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been Googling for conveyancing quotes online. Can I be confident that all the firms that are identified on your site are on the Perenna conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Perenna panel and agreed to advise us to take down their listing in the event of removal off of the Perenna panel. To date we have not been informed by either a lender or a member of the public that the data about a specific firm being on the Perenna conveyancing panel is incorrect.
I would like to get my former partner removed the mortgage deeds. Can Perenna really insist on which solicitor I can or can not instruct?
You can use any solicitor you like but Perenna then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Perenna solicitors panel
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I plan to obtain a mortgage with Perenna. Is it possible to avoid using solicitors to save on the costs? My dad reckons back in the day he did a lot of it himself, just went into the land registry office and providing them with the info they needed himself
If you are getting a mortgage with Perenna involved you will need to appoint a solicitor on the Perenna conveyancing panel. We would not encourage you to both use the same solicitors' firm. There are clear conflict of interest issues and it's not going to make a huge difference to the speed of the overall process. So as not to hold things us you should pass on your solicitors details to Perenna. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Perenna conveyancing panel.
I have a mortgage with Perenna. My godfather retired last week and wants to pay off my mortgage. After Perenna is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the Perenna conveyancing panel? I do not intend to live at the property once the Perenna mortgage is discharged.
Although you do need to retain the services of a lawyer they dont
need to be on the Perenna panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
The mortgage over my property is with Perenna. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Perenna?
Perenna must be informed of your intention in advance of letting out your property as this is likely to be a breach of Perenna’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 Perenna directly. You need not do this via a Perenna conveyancing panel firm.