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Ready to buy a new home? Failing to check that a lawyer is on the Intelligent Finance list of approved solicitors can put your transaction at risk of delay or failure.
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FAQs for the Intelligent Finance Solicitor Panel
We are purchasing a 1 bedroom apartment in London with a mortgage from Intelligent Finance. We would like to retain our lawyer but Intelligent Finance says she’s not on their "panel". We have to appoint one of the Intelligent Finance panel solicitors or keep our solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Intelligent Finance use our lawyer?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the Intelligent Finance conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Intelligent Finance
Our solicitor has uncovered a legal deficiency with the lease for the property we are buying. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the Intelligent Finance conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or Intelligent Finance?
Just because you have a mortgage offer from Intelligent Finance does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the CML Handbook Requirements. You and Intelligent Finance are the client. The appropriate lender requirements must be adhered to by the Intelligent Finance conveyancing panel who has to balance acting for you and Intelligent Finance
I need to find a Intelligent Finance panel solicitor in Belfast. Could you help me?
It is not clear why you need a Intelligent Finance panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to Intelligent Finance to find out which solicitors in Intelligent Finance are on their panel. If you do find such a firm not listed please direct them to our site to list. After all the cost is only one £1 a month
My conveyancers in Newcastle have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with Intelligent Finance. Is it case that being on the Intelligent Finance conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the Intelligent Finance Conveyancing Panel Terms. It might be worth you contacting Intelligent Finance directly.
Do most lenders operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the Intelligent Finance conveyancing panel requirements are different to Intelligent Finance’s conveyancing panel criteria.
My brother and I have agreed a price on a house I spoke to a solicitor previously used by my mum and he recommended instructing a property lawyers approved by Intelligent Finance. The estate agent recommended two local firms so I asked Intelligent Finance if the 2 suggested solicitors are approved, which they are not. Intelligent Finance pointed out that either practice can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Intelligent Finance 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Ask Intelligent Finance for conveyancing panel firms in your area. Most banks have lawyers on their panel throughout the UK. You can also use our search tool at the top of this page to search for a lawyer on the Intelligent Finance conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Intelligent Finance conveyancing panel as it may only take about 2-3 weeks. As long as they meet Intelligent Finance’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
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? When should I get the mortgage app going with Intelligent Finance?
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 Intelligent Finance 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 Intelligent Finance 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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