What is a closed legal panel?

With Guest House mortgages, specialist lenders often employ a closed legal panel. This means they specify a list of solicitors who are authorised to represent them. When applying for a guest house mortgage, you would choose from this list for legal representation. Joint representation, where the selected solicitor’s firm represents both the lender and you, is sometimes an option. However, some lenders on a closed panel may only offer sole representation for themselves, in which case you can choose your own solicitor separately, provided they meet certain criteria. It’s important to note that in cases of sole representation, you will be responsible for paying two sets of legal fees, one for your solicitor and one for the lender’s.