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Investec Solicitor Panel Recently Asked Questions
I am progressing with the sale of my flat and the estate agent has just called to warn that the purchasers are appointing a new property lawyer. The excuse is that Investec will only deal with property lawyers on their approved list. On what basis would a major lender only deal with specific solicitors?
Banks have always had panels 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.
Banks 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 buying a newly constructed flat and my solicitor is telling me that she has to reveal incentives from the seller as her firm is on the Investec conveyancing panel. I am under pressure to exchange and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have advised to do so by your lawyer. A precondition to being on the Investec approved panel is to comply with the CML Handbook requirements (last updated for this lender on Investec). The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I have been looking for conveyancing quotes online. Can I be sure that all the law firms that are listed on your site are on the Investec conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have advised us that they are on the Investec panel and agreed to advise us to take down their listing in the event of removal off of the Investec panel. To date we have not been informed by either a bank or a member of the public that the data about a specific firm being on the Investec conveyancing panel is not accurate.
What happens if my solicitor is suspended from the Investec Conveyancing panel in advance of the moving date as agreed at exchange of contracts?
The first thing to point out is that, this is very unlikely to happen. 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.
We have agreed to purchase a house.One unusual aspect is that the roof has a solar panel. Investec have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Investec your lawyer must to check the Investec conveyancing instructions contained in the Part of CML Handbook for Investec . The CML Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Investec where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales. Requirements for Scotland are due in the near future.
The for formalities of my purchase has taken place with a mortgage from Investec. Conveyancing was satisfactory but I would like to complain about Investec. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the Investec branches or the Customer Care Team at Investec head office. In most cases complaints to Investec are resolved effectively and efficiently. However if you are not satisfied that the matter is resolved you can write to the
Financial Ombudsman Service who will take matters further.
Intending to buy a house with a mortgage with Investec. I have received an online quote from a licensed conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Investec conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that they are on the Investec conveyancing panel
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Transfer of Equity for InvestecPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors