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approved by CynergyBank
Ready to buy a new home? Failing to check that a lawyer is on the CynergyBank list of approved solicitors can put your transaction at risk of delay or failure.
Looking for information about your firm's panel status?How does my firm apply to be on the Cynergy Bank Conveyancing Panel? How can my firm be reinstated onto the Cynergy Bank Conveyancing Panel?
Find an Approved Solicitor on the Cynergy Bank Conveyancing Panel
Frequently asked questions relating to the Cynergy Bank Solicitor Panel
On what basis would a law firm be removed from the Cynergy Bank solicitor panel?
A survey recently commissioned by the Solicitors Regulatory Authority found that three quarters of solicitor practices had been removed from a lender panel. The most common reasons in order are :
- lack of transactions
- the lawyer is a sole practitioner
- as part of the HSBC panel reduction
- regulatory contact by SRA
- accidental removal. We are not aware of the specific or common criteria for removal by Cynergy Bank
Can you clarify something for me?. My lawyer is not to blame but, my purchase conveyancing has been going on for months. The Local Authority Search from Cynergy Bank was issued random date and we have agreed a date for me to move into the property on Tues etc. My solicitor informs me that as she is on the Cynergy Bank conveyancing panel she needs to reorder the searches as they are no longer acceptable to the lender.
A precondition to being on the Cynergy Bank approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on Cynergy Bank)which specifies that a local authority search be not more than 6 months old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to Cynergy Bank.
Do all mortgage companies 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.
My uncle passed away last year and as sole heir and executor was left the house. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Cynergy Bank , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Cynergy Bank will insist on your using a conveyancer on the Cynergy Bank conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Cynergy Bank conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Cynergy Bank mortgage is registered as a charge at the Land Registry.
Are all Conveyancing Quality Solicitors on the Cynergy Bank conveyancing panel?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I had instructed online solicitors based in Cardiff who are on the Cynergy Bank solicitor panel. They have just invoiced me a separate fee of £195 for dealing with the Cynergy Bank mortgage. Is this a supplemental conveyancing fee set by Cynergy Bank?
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 Cynergy Bank but by your lawyers. Some firms on the Cynergy Bank will charge an ‘acting for lender’ fee and others do not.
The mortgage over my property is with Cynergy Bank. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Cynergy Bank?
Cynergy Bank must be informed of your intention prior to letting out your property as this is likely to be a breach of Cynergy Bank’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Cynergy Bank directly. It should not be necessary to do this via a Cynergy Bank conveyancing panel lawyer.