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I would like to know the reason why all property lawyers are not on the Investec Conveyancing panel?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year. The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to banks and building societies purging less reputable firms off their books
Please assist. For no fault of my lawyer but, my purchase conveyancing has been going on for months. The Local Authority Search from Investec was issued random date and we have agreed a date for me to move into the property on 6. My lawyer says that as she is on the Investec conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the Investec approved panel is to comply with the CML Handbook requirements (last updated for this lender on Investec)which states that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Investec.
Are there any apps to help search for a local solicitor on the Investec conveyancing panel? I have a car and am prepared to travel up to 25 kilometers to meet the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location and you will see a number of lawyer located nearest you. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the Investec solicitor panel.
Can you clarify what the consequences are if my solicitor is removed from the Investec Solicitor panel in advance of the completion date?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have ti instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by the regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I was thinking of purchasing my friend’s property. Once we agree a price, what’s the best way to proceed? I hope to get a mortgage with Investec. Is there anyway to cut out the solicitors to save us both money? My father said that years ago it was possible to take the documents into the local Land Registry office and they did the rest
If you are getting a mortgage with Investec involved you will need to appoint a solicitor on the Investec 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 Investec. Feel free to use our search tool to look for a licensed conveyancer or solicitor on the Investec conveyancing panel.
My husband and I are in the throws of looking at houses and am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I I am planning to take a mortgage with Investec
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the estate agent. As you are getting a mortgage with Investec , make sure you remember to check that your lawyer is on the Investec conveyancing panel.
I had an offer accepted on an apartment on the 17th February 2014, valuation was booked 2 days later, received a clean bill of health. Solicitor appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Investec and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Investec conveyancing panel. Can the lender hold off the offer?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Investec to deal with your lawyers application to be on the Investec conveyancing panel. There's no guarantee that your solicitors will be accepted.
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