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Cynergy Bank Conveyancing Panel : Questions and Answers
I would like to know the reason why all UK lawyers aren't included on the Cynergy Bank Solicitor panel?
Mortgage companies 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
My nephew is about to exchange on a house that has just been built with a mortgage from Cynergy Bank. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Cynergy Bank conveyancing panel as a standard part of the process, and to the surveyor when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Cynergy Bank conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Cynergy Bank conveyancing panel?
The firms themselves provide us confirmation that they are on the Cynergy Bank conveyancing panel as opposed to being supplied with a list from Cynergy Bank directly.
I was supposed to complete on my first house last Friday. My lawyer’s firm is on the Cynergy Bank solicitors panel but has moved offices 8 weeks ago and had not informed Cynergy Bank of their new address. Cynergy Bank is now refusing to release my funds until such time as their systems are up to date with the correct details.
This is a rare situation indeed. Most lender Terms of Conveyancing Panel Appointment specifically oblige the solicitor to inform the lender of an address change. Your solicitor needs to treat this with the utmost urgency. Do speak with or register your concern with the senior partner (assuming he or she is not your direct lawyer). Most lenders would be reasonable in this situation and expedite the resolution of this issue. It may be prudent to enlist the help of your local Cynergy Bank branch or your mortgage broker to see if they can assist.
I have today made my last payment due on mortgage with Cynergy Bank. I assume I don't need a solicitor on the Cynergy Bank panel to remove the mortgage at the Land Registry. Please confirm
If you have finished paying off your Cynergy Bank mortgage they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Cynergy Bank mortgage from the register. Cynergy Bank,and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
but are not moving to another property
where the Cynergy Bank has sent the Land Registry the discharge electronically, and
the Cynergy Bank has instructed the Land Registry to do so
The Land Registry will send you a letter confirming that your Cynergy Bank mortgage has been paid off.
I had an offer accepted on an apartment on the 20th February 2014, valuation was booked five days after, received a clean bill of health. Conveyancer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Cynergy Bank and chasing them on my offer I have now been told that my offer will not be issued unless the lawyer is on the Cynergy Bank conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Cynergy Bank to deal with your lawyers application to be on the Cynergy Bank conveyancing panel. There's no guarantee that your solicitors will be accepted.
My ex -wife’s name is on the Cynergy Bank mortgage of my property but not on the land registry. The apartment was transferred to me on our divorce many years ago by way of a sealed court order. Does my ex still have a say on the sale even though the land registry showing the property in my name alone? Will I be required to take her name of the Cynergy Bank mortgage in order to sell?
As regards the Cynergy Bank mortgage, it is unusual that your ex-wife’s name remains on the mortgage but not on the title. It is conceivable that this is an oversight on the part of your conveyancers to ensure that her name was removed or even an administrative error on the part of Cynergy Bank in failing to update their data. In any event, it should cause difficulty providing her name no longer appears on the Land Registry title and you have a court order ordering that the property is transferred to you.