Find an Approved Solicitor on the Cynergy Bank
Frequently asked questions relating to the Cynergy Bank Conveyancing Panel
I am selling my flat and the EA has just texted me to advise that the purchasers are swapping law firm. The excuse is that Cynergy Bank will only deal with property lawyers on their approved list. Why would a big named mortgage company only engage with specific lawyers?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened and a smaller panel should be easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels, or have other concerns about them. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyer’s case. Your purchasers are unlikely to have any sway in the decision.
I do hope you can help me. My conveyancer is assuring me that he has to order a Local Authority search stemming from the fact that the firm are on the Cynergy Bank solicitor panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with Cynergy Bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of Cynergy Bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements last updated Cynergy Bank. even if you were a cash buyer you would be ill advised not to carry out a local authority search.
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 law firm practices 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 am trying to get my ex-husband removed the mortgage deeds. Can Cynergy Bank really tell me which solicitor I can or can not instruct?
You can use any solicitor you like but Cynergy Bank then has the right to appoint a different solicitor to act for them at your expense. It might be more cost effective and quicker to instruct a lawyer who is on the Cynergy Bank solicitors panel
Do conveyancing solicitors on the Cynergy Bank conveyancing panel work on a no move no charge basis?
In the main there are no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their service
My fiance and I are at the point of viewing apartments and am about to put in an offer. Is it premature to have a solicitor in place? I I am planning to take a mortgage with Cynergy Bank
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Cynergy Bank , make sure you remember to check that your lawyer is on the Cynergy Bank conveyancing panel.
My existing mortgage is with Cynergy Bank. My grandfather retired last week and wants to pay off my mortgage. After Cynergy Bank is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Cynergy Bank conveyancing panel? I do not intend to live at the property once the Cynergy Bank mortgage is discharged.
will need a solicitor but they need not be on the Cynergy Bank conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.