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Ready to buy a new home? Failing to check that a lawyer is on the Accord Mortgages list of approved solicitors can put your transaction at risk of delay or failure.
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FAQs : The Accord Mortgages Conveyancing Panel
My partner and I are FTBs. Within the last couple of days our solicitor has forwarded the sale agreement to sign with a detailed report with a view to exchanging next week. Accord Mortgages have this morning contacted us to advise us that there is now an issue as our conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit 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 Accord Mortgages and see if they can apply for membership of the Accord Mortgages conveyancing panel, but if that is not viable Accord Mortgages will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the Accord Mortgages conveyancing panel as you are at liberty to use your preferred lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Expecting to complete my purchase next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as he informs me that he is duty bound to validate that it is in order for Accord Mortgages. What does the insurance need to cover?
Any lawyer on the Accord Mortgages conveyancing panel would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in Accord Mortgages’s Part 2 requirements of the CML Handbook (last updated on Accord Mortgages). Being on the Accord Mortgages conveyancing panel your lawyer is expect to follow these requirements.
I note that you have a search directory identifying solicitors on the Accord Mortgages conveyancing panel. Do firms pay you a commission if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the Accord Mortgages conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint.
I am purchasing a new build flat and getting a mortgage with Accord Mortgages. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing you will have to appoint a solicitor on the Accord Mortgages conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to made in you doing to conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on the Accord Mortgages conveyancing panel in your location.
I had instructed online solicitors located in Birmingham who are on the Accord Mortgages solicitor panel. They are now charging me a separate fee of £135 for the legal aspects of the Accord Mortgages mortgage. Is this a supplemental conveyancing fee set by Accord Mortgages?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitors can charge a fee for this. This fee is not set by Accord Mortgages but by your lawyers. Some firms on the Accord Mortgages will charge an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I was told four weeks ago that my mortgage has been agreed
to by Accord Mortgages. Is it usual for Accord Mortgages to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Accord Mortgages to deal with your lawyers application to be on the Accord Mortgages conveyancing panel. There's no guarantee that your solicitors will be accepted.
My offer on house has been accepted, the seller does however have a dependent purchase. The vendors have offered on somewhere, but not been accepted yet, and have viewings of other properties in the pipeline. My conveyancing solicitor has been instructed. What should be my next step? At what point should I appy for the mortgage with Accord Mortgages?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey/valuation, conveyancing search costs, etc). First you should check that your solicitor is on the Accord Mortgages conveyancing panel. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. In a hot mortgage some buyers would pally for the mortgage with Accord Mortgages and pay for the valuation and only if it comes back ok would they pay their solicitor to press on with searches.
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