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approved by Accord Mortgages
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.
Looking for information about your firm's panel status?Is my firm on the Accord Mortgages Ltd Conveyancing Panel? How does my firm apply to be on the Accord Mortgages Ltd Conveyancing Panel? How can my firm be reinstated onto the Accord Mortgages Ltd Conveyancing Panel?
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I appointed a law firm to conduct the legal paperwork on my purchase 5 weeks ago having applied for a mortgage with Accord Mortgages. The solicitors reassured me that they are on Accord Mortgages conveyancing panel and advised me their panel reference. Accord Mortgages then ,via my broker advised that their panel number was dormant and would need to be reactivated. What do I do from here? Do I instruct a different law firm currently on the approved panel for Accord Mortgages?
The answer depends on whether you still have confidence in the said solicitors and how long it will take for the firm to be reinstated on the Accord Mortgages conveyancing panel You may wish to enlist the help of your broker to check with the Accord Mortgages as to how long they think it will take to get the firm to get back on the panel.
We are only a couple days away from an exchange and my parents having sent the 10% deposit to my lawyer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender Accord Mortgages. Apparently, being on the Accord Mortgages conveyancing panel and acting on their behalf he must inform Accord Mortgages if the balance of the mortgage advance is not just from me. I advised the bank about my parent’s contribution when I applied for the mortgage so is it really necessary for him to raise this?
Your lawyer is obliged to check with Accord Mortgages to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only report this to Accord Mortgages if you agree, failing which, your lawyer must cease to continue acting.
Do I have to attend the offices of the Accord Mortgages conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Newcastle so that I can attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Newcastle .
I am considering applying for a Accord Mortgages mortgage for purchase of a newly converted (under development) with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Accord Mortgages?
There is nothing to stop you using your solicitor but Accord Mortgages will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
When it comes to lenders such as Accord Mortgages do lawyers have to be pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel although some do charge an administration charge to deal with the processing of the conveyancing panel application.
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 Accord Mortgages conveyancing panel requirements are different to Accord Mortgages’s conveyancing panel requirements.
I have a mortgage with Accord Mortgages. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Accord Mortgages?
You must advise Accord Mortgages before letting out your property as this is likely to be a breach of Accord Mortgages’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Accord Mortgages directly. You need not do this via a Accord Mortgages conveyancing panel firm.